Earlier this year we were delighted to expand CVR’s UK presence with the completion of a merger with DDJ Insolvency. The deal saw our long-time contacts Ian Defty and James Dowers bolster our partner team. In this article, Ian explains the back story to our latest expansion.
James and I have known Richard, Adrian and Kevin at CVR for many years and it was interesting that on announcing the merger we have all had so many messages of support from our contacts who also asked why the two firms hadn’t joined forces earlier.
While every insolvency firm competes with each other, there was always the sense of a friendly competiveness between DDJ and CVR.
There is a lot of different insolvency work both nationally and internationally, and CVR Global and DDJ were involved in very similar types of work. The main difference was that CVR had a bigger international model, and, as such, had a bigger profile – particularly in regards to its overseas and large forensic investigation work.
I think it is fair to say there was a perception across the market that DDJ was a smaller firm, and while we were perfectly capable of doing the same cases, work would often get passed on to firms such as CVR rather than DDJ.
DDJ had a very strong client base, and to put this into context, at the time of the merger being completed we brought across almost 200 live cases.
CVR has an extremely effective and efficient trading platform and infrastructure in place, including advanced IT paperless systems – enabling us to transfer work across seamlessly.
We now also have the huge advantage of having a fantastic team behind us providing additional resources to undertake similar, larger and more varied work.
Since making the move across, James and I have been sharing our contacts and work with our new colleagues, and of course we’ve also been busy meeting contacts and friends in the market looking to identify suitable matters that suit our new set-up.
We’re enjoying getting back into the market place and actively promote the CVR brand – which is an exciting challenge that we have embraced with a passion. Not only are we promoting CVR to our existing contacts, but also to professionals and others who perhaps felt in the past that DDJ didn’t have suitable resources for their matters.
James and I have an established presence across the industry, achieved over many years, and we are both proud of the DDJ brand which we created and became widely recognised soon after launching three years ago.
Ultimately we had to make a decision for what is the best way forward for the firm, our staff, referrers and creditors that we act for. And while it is sad, in some ways, that the DDJ name will be consigned to the insolvency Hall of Fame, there’s no doubt that CVR is a massively growing firm and has an exciting future.
James and I are delighted to share ours skills and knowledge and support CVR’s on-going growth. As I said at the top, the feedback all of us at CVR have received since the merger has been 100 per cent positive.
We are pleased to have been given the opportunity to already bring in new matters to CVR, and it’s not a surprise to either of us that so many of our established contacts, referrers and friends have contacted us to say how much of an obvious fit DDJ and CVR are together.
It is well known across the industry that CVR is actively looking to expand its presence further and attract new blood to the firm. As such, I’m sure it won’t be long until we’re announcing more new partners and office openings.