Simplify adds major conveyancing firm to ranks


Grossman: Exploring further acquisitions

Consolidation at the top end of the conveyancing market is speeding up after Simplify announced the acquisition of a leading London and South East firm.

The second private equity-backed conveyancing deal of the week, Simplify has bought Cook Taylor Woodhouse (CTW), which is ranked in the top 15 conveyancing firms by transaction volume for an undisclosed sum.

It follows the announcement of O’Neill Patient’s acquisition of another leading South East conveyancing firm, Cavendish Legal Group, and last month’s purchase of McMillan Williams – also a major player in the South East property market – by Taylor Rose TTKW.

CTW has an office in South London and three in Kent, and the 130 staff joining Simplify take its headcount to around 2,000.

Simplify, owned by private equity firm Palamon Capital Partners, is the largest conveyancing business in the country, having acquired My Home Move in February 2019.

This gave it ownership of Premier Property Lawyers, in addition to the firms it already had – Advantage Property Lawyers, DC Law and JS Law – all of which are top-10 conveyancers in their own right.

Simplify also owns conveyancing panel management and property services firm Move with Us, as well as QualitySolicitors.

The addition of CTW means it now completes more transactions than the next four groups of conveyancing firms combined, it said, and also makes it top dog in Greater London.

Simplify’s most recent results, for the year to 31 March 2019, gave it a turnover of £58m – 73% from conveyancing and 27% from property services – and a gross profit of £19m, although this turned into an operating loss of £4m after administrative expenses.

Simplify chief executive David Grossman said: “We acquired CTW because of its excellent reputation, strong team and scale in London and the South East, which will complement Simplify’s own strengths.

“In a turbulent time for the housing market, it is great to be able to look forward and continue delivering our plans for growth and to further strengthen our position as the undisputed number one in UK conveyancing.”

He added: “While we continue to grow all parts of the group organically, we will also explore other opportunities to add further strength to the group through further acquisitions.”

CTW director Martin Bowers said they deal would “help fuel CTW’s continued growth in London and the South East… benefitting from the scale of the group’s operations and the exceptional technology platforms that Simplify has built for its clients and Introducers”.




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


Use the tools available to stop doing the work you shouldn’t be doing anyway

We are increasingly taken for granted in the world of Do It Yourself, in which we’re required to do some of the work we have ostensibly paid for, such as in banking, travel and technology


Quality indicators – peer recommendations over review websites

I often feel that I am banging the SRA’s drum for them when it comes to transparency but it’s because I genuinely believe in clarity when it comes to promoting quality professional services.


Embracing the future: Navigating AI in litigation

Whilst the UK courts have shown resistance to change over time, in the past decade they have embraced the use of some technologies that naturally improve efficiency. Now we’re in the age of AI.


Loading animation