by business editor Trevor Sturgess

A new business under an old name has emerged rapidly from the financial collapse of an accounting and business advice firm.

In just 14 days, partners in the old firm completed a management buyout (MBO) of the Sidcup office of Vantis Group and re-branded it McBrides, the name under which it traded for more than 30 years before joining Vantis in 2004.

The £3 million business becomes a Limited Liability Partnership (LLP) and keeps the staff of 44 at its offices in Cray Road, Sidcup.

McBrides' managing partner Nick Paterno said: "We seized the opportunity to regain ownership of the business as part of Vantis's restructuring process. We have a strong portfolio of owner-managed entrepreneurial clients and a track record of delivering exceptional client service that we wanted to preserve.

"Our first priority remains to look after clients' needs - particularly in these difficult economic times. We'll be keeping in close touch and remain ready to help where needed. We continue to offer a full service of tax, accounting, auditing and corporate finance expertise - all based locally in Sidcup."

Mr Paterno added: "We have a strong team here, with several of our partners and managers having taken leading national roles within Vantis in fields such as corporate tax, corporate finance, charity accounting and advising the legal profession.

"That expertise will remain available to our clients and contacts. Similarly, we will retain access to any other specialisms that our clients may require from time to time."