MCR bought by New York firm
Corporate recovery business MCR, which has an office in Birmingham, has been bought by New York-based Duff & Phelps.
MCR currently has 150 members of staff across its offices in Birmingham, Manchester and London and reported £21m of revenue for the 12 months to 30 June 2011. Terms of the deal were not disclosed.
Duff & Phelps, a financial advisory and investment banking services business, said it was impressed by MCR's performance.
Its chief executive office said: "For more than ten years, MCR has maximised recovery for stakeholders in insolvent businesses by generating innovative solutions to business problems.
"Our new colleagues bring enormous credibility, strong relationships and impressive scale to a key part of the European market where Duff & Phelps has long been pursuing strategic expansion.
"Further, the MCR team will work collaboratively with Duff & Phelps' existing team in Europe to deliver a more robust offering of technical expertise and sound advice to clients."
Andrew Stoneman, managing partner at MCR, added: "All of us at MCR are excited about the prospect of building the business with Duff & Phelps, as this allows us to offer a more dynamic and broader range of services to our clients."
