Fairpoint buys Colemans-ctts

Print This Post

3 August 2015

Chris Moat

Moat: “class-leading expertise” in volume services

Fairpoint Group has bought volume personal injury and conveyancing firm Colemans-ctts for £9m, plus a further £7m, linked to performance.

The AIM-listed business, which last year bought national firm Simpson Millar and family practice Foster & Partners, said the acquisition would mean that 62% of group revenues came from consumer legal services.

Chief executive Chris Moat described the deal as an “important step” in the development of Fairpoint’s “fast-growing legal services platform”.

He went on: “It brings particular class-leading expertise in the areas of volume personal injury, conveyancing and travel services and gives strong impetus to our agenda of reshaping the group towards a broader professional services organisation.”

Colemans has three offices in Kingston-upon-Thames, Acton in West London and Manchester, with over 200 staff and around 67 fee-earners.

Janet Tilley, managing partner of Colemans, said the acquisition “presented the opportunity for Colemans to become part of a larger and dynamic group, leading the transformation of this industry segment”.

Fairpoint said that Colemans generated unaudited revenues of £19m and pre-tax profits of £2.3m. The firm’s unaudited gross assets were £18.4m.

Initial consideration would be made up of £8m in cash and a further £1m in shares. The group said further consideration of up to £7m “may be payable” subject to the achievement of “certain performance criteria”, including the financial performance of Colemans and “integration targets”.

The acquisition is expected to involve £1.5m of “legal, professional and integration costs” in the second half of this year. Formal completion is scheduled for 14 August, following a consultation with Colemans staff.

Fairpoint said it had extended its five-year debt facility with from £20m to £25m, and, immediately following the acquisition, the group’s debt would total £13.2m.

Mr Moat said in March this year that financial success in 2014 had laid the foundations for future acquisitions.

Tags: , ,

Leave a comment

* Denotes required field

All comments will be moderated before posting. Please see our Terms and Conditions

Legal Futures Blog

The LSB’s proposals for legislative reform: let’s be clear

Caroline Wallace LSB

The publication of the Legal Services Board’s vision for legislative reform of legal services regulation on 12 September has generated a healthy level of interest and debate. This can, on the surface, seem a somewhat dry subject. However, it has an impact not just on existing regulated practitioners, but also on providers of legal services more generally, as well as everyone who uses or benefits from an effective legal sector. And, let’s face it, that’s all of us.

October 25th, 2016