Saffery pays up £167,000

The Guernsey office of Saffery Champness, the accountancy firm, paid £167,000 to four former partners on Friday after a court hearing on the island.

Pleas of poverty had been made by Clive Nicholson, senior partner of Saffery in the UK, in two affidavits lodged with the court before Christmas. Then, Mr Nicholson said, there were "presently not sufficient funds in the Saffery Champness Guernsey Partnership to pay the plaintiffs".

The four former partners were claiming a total of £612,000. The Lieutenant Bailiff of Guernsey, Patrick Talbot QC, told Saffery "impecuniosity" was not a defence and ruled that Saffery had to pay £167,000 now and the rest would be determined when the firm finalised its accounts for the year that ended last March. The firm was ordered to complete them by the end of the month.

In a statement, the firm said it was "satisfied", adding: "We believe this vindicates our approach in not paying the £612,000 demanded of us." The four partners said they were happy with the ruling.

The accountancy firm, which is among the top 20 in the country, specialises in advising wealthy individuals, charities and sporting organisations, including the MCC and Chelsea Village, parent company of Chelsea Football Club.