Olswang accounts reveal extent of debt reduction and headcount cutbacks
Olswang reduced its net debt by more than 20% during the last financial year, according to the firm's first limited liability partnership (LLP) filings. The UK top 50 firm saw total debt drop from just under £13.5m in 2009 down to just under £10.5m for the year ending 30 April 2010, according to filings with Companies House, with cash in hand and at the bank increasing to £4.7m, up from £337,000 the previous year. The filings also show that Oslwang reduced its professional and administrative staff headcount by nearly 11% over the year, with total staff numbers dropping from 542 to 484 as a result of cost-saving measures, with staff costs falling from £36.3m to £31.5m as a result.
Olswang reduced its net debt by more than 20% during the last financial year, according to the firm’s first limited liability partnership (LLP) filings.
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