A well known solicitors firm in Bridlington rumoured to be closing its office here looks set to stay in the town.
Lancasters in Quay Road has closed as a solicitors firm however Victoria Lancaster said she was looking to continue working from her Quay Road premises.
She confirmed that she was keeping all her options open and that “no clients would be disadvantaged by the changes”. She described her initial reaction as being “taken aback” by events but that “good things often come out of change”.
She attributed the formal closure of Lancasters as a firm to problems with its Professional Indemnity Insurer, Balva.
A liquidator was appointed to Latvia-based Balva by the Financial and Capital Market Commission (FCMC) in June last year. As of November 2013 Balva was in administration and is understood to remain technically solvent, however there is no up-to-date confirmation.
According to a report on the Law Society’s website around 1,300 law firms signed up with Balva in 2012 for indemnity insurance.
Customers were set to move to Berliner after the FCMC’s decision in June however Berliner withdrew from the market. Miss Lancaster said that it is “important to look to the future” and that she had no plans to retire.