Lincoln accountancy practice Russell Payne & Co has been bought by established Lincolnshire company Dexter and Sharpe.
Russell Payne & Co, which had a turnover of £1.1 million and 25 members of staff, went into administration last week.
Patrick Ellward and Dilip Dattani of RSM Restructuring Advisory LLP were appointed as joint administrators on February 6, 2017.
The business was acquired by accountancy firm Dexter and Sharpe on Wednesday, March 1.
The Lincoln office will become the firm’s eighth in the county, joining a team of 80 staff, headquartered in Horncastle with offices in Boston, Spilsby, Bourne, Sleaford, Louth and Skegness.
Russell Payne & Co in Lincoln will become Dexter and Sharpe Lincoln.
Senior Manager at the Lincoln office David Nicholson said: “I’m pleased the team had been kept together and they can now concentrate on providing the same friendly service to existing and to new clients.
“It has been a stressful time for all concerned but we are delighted to be working with a long established firm like Dexter and Sharpe.”
It’s understood new owners intend to retain the current team and trade from the same office “with as few changes as possible”.