CVR Global snaps up Moore Stephens' Jersey restructuring arm
19 Aug 2019
CVR Global is expanding into the Channel Islands with the acquisition of the restructuring and insolvency team of Moore Stephens in Jersey
19 Aug 2019
The Moore Stephens team is transferring to CVR Global Offshore Limited – a wholly owned subsidiary of CVR Global LLP and will be based in St Helier.
The Jersey office will be headed up by Adrian Rabet, who is an insolvency expert with 30 years’ experience, and has been hired as a director to run CVR’s Jersey operation, handling liquidations, administrations and asset tracing.
The deal sees Jersey become CVR Global’s third overseas office, with the other two in Gibraltar and the British Virgin Islands.
CVR Global was set up in August 2015 by the partners of Chantrey Vellacott’s business recovery division after they completed a management buy-out of the division, which was triggered by Chantrey Vellacott’s merger with Moore Stephens. The firm employs 90 staff. The firm reported fee income of £7.9m for year end March 2018. CVR Global established a presence in Jersey in 2016 after seeing a rise in demand for services in the jurisdiction.
Adrian Hyde, partner at CVR Global, leads the firm’s international practice and is working with Rabet on the Jersey expansion.
Hyde said: ‘Overseas work is undoubtedly on the rise for us, so when the opportunity came about to take over the reins from Moore Stephens and strengthen our roots in an offshore location, we were keen to take it.
‘We believe there are a lot of similarities between the work we are receiving in the British Virgin Islands and the types of cases being handled in Jersey – particularly from Eastern Europe and further afield - so this is a move that will set us up for further growth.
‘Adrian Rabet is ideally placed to be leading our new office – he knows the jurisdiction well and will complement the offshore experience we now have in both Gibraltar and the British Virgin Islands.’
Rabet added: ‘I’m looking forward to using all of my industry experience to help CVR Global to realise their ambitious growth plans.
‘The firm has a solid track record of acting on large-scale fraud and money laundering cases, and having an established overseas network in locations where there are a lot of offshore corporate entities is key to ramping up the fight against these types of activities.’
Earlier this year, BDO completed a merger with a number of Moore Stephens LLP' offices, including those in London, Birmingham, Reading, Bristol and Watford, making BDO the fifth largest firm in the UK with fee income hit £490.8m in 2018.