Manchester law firm Glaisyers is set to become a multi-disciplinary practice for SME clients after being acquired by a consortium led by ETL Global, an international network of professional service firms.
It said the investment would help to accelerate its expansion, with a new office in London to be the first evidence of that strategy.
Glaisyers is a long-established full-service firm specialising in the SME market but also offering services to individuals. It has seven partners and 70 staff and current revenue of £4.3m.
ETL Group describes itself as an integrated global advisory network combining tax, legal, audit and accounting services.
Headquartered in Essen, Germany, its 7,000-strong team of accountants, auditors, tax specialists, lawyers and business consultants advises more than 200,000 clients in 50 countries, generating around £800m in revenue.
It already has six firms of accountants in the network across England and Wales.
David Jones and David Marlor, former partners of Manchester firm Kuits, have invested alongside ETL Group and become head of litigation and property respectively.
A statement said the new owners “will provide substantial capital to support Glaisyers in its next stage of growth, particularly in relation to IT and recruitment, to consolidate its offering in the UK and to overseas clients”.
Mr Jones said he expected the headcount to increase by over 25% in the next year as it developed talent to deal with higher-value, complex work.
Glaisyers managing partner Nick Johnson – who remains in the role after the deal – said: “The investment will enable the firm to grow significantly with our new service offerings along with growing our staff which will put the firm in a strong position…
“The cash injection, expertise and energy and passion that the investors bring to the table will allow us to take the firm to the next level and continue to build a unique practice model. The long-term objective is to be a one stop resource for small to medium-size enterprises.”
Mr Jones added: “Our expertise and vision combined with ETL’s international credentials will allow us to create a stand-out model that will shake up the legal scene.
“ETL gives us direct access to global professional services firms that will lead to significant work volume both to and from Glaisyers, designed for the benefit of our clients.”
Sara Brassington, managing director at ETL, said she was looking forward to expanding Glaisyers’ service capabilities “in multiple disciplines across the region and beyond”.