Fairpoint buys Colemans-ctts


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

By clicking Submit you consent to Legal Futures storing your personal data and confirm you have read our Privacy Policy and section 5 of our Terms & Conditions which deals with user-generated content. All comments will be moderated before posting.

Required fields are marked *
Email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog


Should we tax people working from home?

German investment bank Deutsche Bank recently recommended that those working remotely should pay more in taxes, saying it was a viable solution to create a more inclusive economy.


The future may be blended

Attitudes to technology in access to justice might beneficially follow the trajectory of the earlier debate about the best way to deliver legal aid services.


Loading animation