Alternative business structure MTA Solicitors is continuing its move to diversify and expand its business beyond personal injury after acquiring volume property practice Solex Legal Services, Legal Futures can reveal.
MTA, which has offices in Kent, London and Manchester, has agreed a structure with Solex Legal Services that will see the property firm join the MTA group of legal businesses and companies. MTA has become the majority owner of the firm.
Solex, which has 50 staff, provides volume remortgaging and conveyancing services in addition to having debt recovery and mortgage possession departments.
The two businesses will continue to be run independently but will integrate central functions such as IT, finance, HR and administration. Solex will move into MTA’s Bromley offices in July.
MTA managing partner David Green said: “For MTA this delivers a significant step in our programme of diversification as we seek to make MTA less dependent on personal injury, which has been our main area of work since our launch in 2001.
“Solex has an excellent platform in the property market which enables MTA to enter into that market on a scale basis and also enhance our existing debt recovery service. Solex will gain strength and financial stability from MTA, so that both businesses can expand and grow. “
Caroline Havers, sole owner of Solex, said: “I am very much looking forward to working with MTA to integrate the two businesses. Working together has significant benefits for both companies and will help both to expand and grow, while adopting best working practices to benefit our clients.”
MTA Solicitors has made other moves to diversify its offering over the last few years, launching an online debt recovery and credit control business, Positive Collections Ltd, and unveiling its plans to set up its LawStore brand as a national network.
Other personal injury firms have targeted diversification as the civil costs reforms took effect, with north-west practice Antony Hodari last month acquiring the caseload of Preston law firm Ashton Fox, predominantly on mortgage mis-selling and right to buy.