Lloyd: Long-term funding
Lawfront, the private equity-backed group leading the ‘buy and build’ movement in the legal market, has completed a refinancing round that has nearly doubled its funding.
It said this would mean “more strategic acquisitions”.
Since entering the legal market in 2021, Lawfront has bought seven regional law firms, most recently Reading-based Field Seymour Parkes.
Chief executive Neil Lloyd said: “On 28 July, Lawfront completed a refinancing round, securing additional funding from a consortium of banks, of both new and existing lenders.
“This successful refinancing reflects the support and belief our lenders have in Lawfront’s market position, financial performance and a growth strategy combining strong organic growth and healthy pipeline of acquisitions.”
Lawfront’s funding had nearly doubled in size as a result, meaning “we can expand on our ambitious growth strategy”.
He went on: “This means more strategic acquisitions, and, importantly, continuing to provide Lawfront’s regional firms with the advantages of national scale to allow them to accelerate organic growth through more expertise and continued investment in IT, AI transformation, business development, digital marketing and our people.
“This facility provides long-term funding and is a group facility which all firms have access to so they can continue to grow both organically and inorganically.”
Lawfront’s acquisition of core firms – as opposed to bolt-ons – has slowed down in the last 18 months, with nearly a year between the deals for Trethowans and Field Seymour Parkes.
Lawfront’s most recent accounts are for the year to 31 March 2025. Turnover was nearly £75m, up from £47m the year before, with profit before tax down from £3.2m to £1.5m.
At year end, the group had drawn borrowings of £56m and formed part of total available facilities of £65m, comprising two term loans of £43m combined plus an acquisition facility of £22m.
The accounts showed that Lawfront paid £18.5m for Slater Heelis and £26.5m for Brachers in the year.
The other firms in the group are Farleys, Fisher Jones Greenwood and Nelsons. The firms have been supported to make various bolt-on acquisitions too.
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