Isle of Wight: Walter Gray jobs saved

Fifteen jobs at the long-established Isle of Wight firm Walter Gray & Co have been saved as the result of a package put together by Southampton-based business rescue, recovery and turnaround specialist Begbies Traynor.

The firm, which has offices in Ryde and Cowes, was founded by Walter Gray in 1947. The business started to run into difficulty 12 months ago when the recession took hold. The collapse of the housing market on the Island and the lack of mortgage finance meant its conveyancing practice was under severe financial pressure.

Despite a move by the partners to protect the business and its staff by injecting capital, they were nonetheless forced to close the Shanklin office earlier this year with the loss of eight jobs.

By August the firm as a whole was under threat and the partners placed it into Administration. Antony Fanshawe, an insolvency practitioner and regional partner with Begbies Traynor, secured an agreement with the creditors which will enable the firm to continue practicing. At the same time a new corporate structure for the firm was set up.

Says Martin Heptinstall, senior partner with Walter Gray and Co: “The last 12 months have been very difficult – toughest of which was making redundancies. It has been painful watching this successful firm, established on the Island for more than 60 years, become a victim of global recession and unprecedented times in the worlds of property and finance.

“We were pleased that Begbies secured the voluntary arrangements for the partnership and the partners and grateful to the creditors, many of whom we have worked with for a very long time.

“We have continued working with clients throughout this process and can now move forward. With the benefit of our new structure we can continue to offer a quality service to Isle of Wight people. We would like to reassure clients that we continue to hold their deeds, wills and other important documents as before. It's business as usual."