[1]Maxey: “we can move quickly”
Manchester-based Express Solicitors has bought 450 personal injury cases in pre-pack deal with a Cheshire firm.
A spokesman for Express said Ashfields, based in Cheadle, was now insolvent and the purchase included the firm’s work in progress, along with a database and office equipment.
Express secured a £10m funding package [2] from Royal Bank of Scotland in March this year.
James Maxey, managing partner of Express, said the alternative business structure had a “bespoke line of funding agreed with RBS” for acquisitions and was “actively looking to acquire other personal injury law firms as going concerns or caseloads”.
He went on: “We can move quickly in these situations as we have the resource to carry out the necessary audit of files in house.
“The firm covers every area of personal injury law, and that coupled with our strong financial position means we can conclude deals within a matter of days. This can be essential in the personal injury market place, which is now quite rapidly consolidating.
“Our team of specialist lawyers are looking forward to continuing the good work Ashfields Solicitors has started and providing a seamless and exceptional service for its clients as we take the cases through to fruition and realise the value in the WIP.
“Our strategy is to continue to grow organically on the back of our successful reputation and targeted marketing initiatives, which have so far allowed us to enjoy turnover growth over several years at 30% per annum.”
Express bought Lavin Copitch Solicitors [3] in April last year, after securing an earlier funding deal from RBS and a month after becoming an ABS.
Express Solicitors is currently made up of around 170 employees, including 58 fee earners and 16 partners.