The deal will see the immediate transfer of 10 Pagan Osborne partners and 113 staff to Thorntons. However, a minimum 45 day redundancy consultation period will start next week, with Pagan Osborne’s offices in Edinburgh, Cupar and St Andrews set to close.

All staff in those offices will be advised that they are at risk of redundancy pending a review of employment requirements. The Pagan Osborne office in Anstruther will be retained and rebranded as Thorntons, although some redundancies will be required there as well. Thorntons plans to save around 50 jobs.

Tom MacLennan, partner at FRP Advisory and joint administrator, said: ‘We are delighted that Thorntons has acquired the assets, goodwill and work-in-progress of Pagan Osborne, thus ensuring continuity of client service, providing employment opportunities and safeguarding client funds. We wish the newly enlarged business every success.’

Craig Nicol, joint managing partner of Thorntons, commented: ‘Pagan Osborne was a long-standing, highly respected firm with a high profile in Fife and Edinburgh. Our priority will be to provide a seamless transition for clients and to preserve the maximum number of jobs. We will be in contact with all Pagan Osborne clients imminently and I would seek to reassure them that they will receive continuity of service from the newly-enlarged Thorntons team for their legal or property matters in the coming days and weeks.’