SOUTH Hams accountancy firm MG Associates has gone into administration.

Michelle Weir, an insolvency practitioner at Lameys in Newton Abbot, has been appointed administrator.

Lameys’ senior insolvency manager Simon Hicks said MG Associates Ltd, owned by Michael Ghersie, had been been sold to MG Accountants Ltd, a company owned by Mr Ghersie’s wife, practice director Marlene Baylis.

Mr Hicks said he understood the accountancy practice, which had offices in Kingsbridge, until recently Dartmouth, Torquay and Cawsands in Cornwall, will continue to trade largely unchanged.

He added that the business had been offered for sale but there was little interest in it and the best offer was the one put forward by MG Accountants Ltd.

MG Accountants Ltd, which is registered in Cawsands, was founded in February this year by Ms Baylis.

Mr Hicks added that a creditors’ notice would be issued later today [Thursday] or tomorrow.Mr Ghersie is a member of the Institute of Chartered Accountants England and Wales (ICAEW).

We will update this story as we get more information.