Stockopedia - comment Paul Scott - INCE woes.13 Apr 2023 17:57
Ince (LON:INCE)
A wipe-out for shareholders of this legal/accountancy group. It announced yesterday afternoon that a major creditor was withdrawing support, so it has no choice but to appoint an administrator. Hence shares suspended, and almost certainly worth nothing. We’ve been strenuously warning SCVR readers away from this share for years, so I very much hope nobody here was caught on this one. It’s staggering how inept many accountants seem to be at managing their own affairs - this being the latest in a series of disastrous listed firms of this type. I remember joking with Ric Traynor, the boss of Begbies Traynor (LON:BEG) a few years ago, that his firm seemed to be (at the time) the only one that hadn’t gone bust, and he agreed, calling BEG the last man standing in its field of listed rivals. That was before FRP listed, which has done OK so far.
INCE going under reinforces my resolve to completely avoid all of these people businesses where there’s an inherent conflict between fee earners and outside shareholders. INCE seems to have been staggeringly badly run - see our archive here for the whole sorry INCE tale.