WRI Associates, the Glasgow-based insolvency firm, has been acquired by Quantuma for an undisclosed sum.

The London-headquartered firm said the move will involve taking on the Glasgow office headed by partner Ian Wright and its eight members of staff.

Mr Wright said: “We are delighted to be joining Quantuma at such an exciting time.

“The merger allows us to take advantage of Quantuma’s widely regarded and rapidly growing brand, whilst providing us with access to a wider portfolio of business advisory services which includes forensic accounting and Investigations amongst other services, which means it is business as usual with additional value add for our clients and introducers.”

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WRI is an insolvency and restructuring practice providing advice and solutions to businesses across all industries and sectors and the team has a combined experience of over 200 years in corporate and personal insolvency.

Founded in 2013 by Carl Jackson, Quantuma has grown to become a £25 million practice employing 250 staff. The company has a strong presence in the south of England, with locations in Southampton, Marlow, Watford, Brighton and Bristol.

This is Quantuma’s first move into Scotland and follows significant expansion in the last 18 months.

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Carl Jackson, managing director at Quantuma, said: “Quantuma continues to grow organically at a rapid place and there are no immediate plans in the pipeline for further Scottish acquisitions.

"However, we remain acquisitive and opportunistic in our approach, so when an opportunity like this with WRI Associates emerges, we will explore it.

"In the meantime, we are keen to speak to lateral hires throughout major cities in which we have a presence, including Glasgow.”