Mon, 15 Jan 2024 | BUSINESS NEWS
Stowe Family Law, a family law business backed by private equity firm Livingbridge, has reported a further year of growth. During 2023, the company made two acquisitions and, in its recently filed accounts, grew its turnover and cut its pre-tax losses.
The Leeds-headquartered firm was acquired by Livingbridge in 2017 and, since then, has expanded to become a network of close to 80 offices across England and Wales, with a workforce of more than 160 specialist family lawyers.
The company completed its first takeover in April 2022, acquiring London-based family law firm Chapman Pieri. In March 2023, it acquired niche family law firm Watson Thomas Solicitors, which has offices in London, Hampshire and Surrey, before acquiring Crisp & Co Solicitors in December 2023, in a deal that added more than ten new offices to its London portfolio, as well as further locations across the south of England and in Manchester.
During 2023, the company also invested £2.3 million in digital marketing and brand building operations, helping it increase its client enquiries from 38,000 in 2022 to 51,800.
In its recently filed accounts for the year ending March 31 2023, the company reported turnover of £24.8 million, up from £17.5 million a year earlier, while cutting its pre-tax losses from £4.74 million to £3.68 million.
Stowe Family Law Chairman Ken Fowlie said that last year "saw a continuation of Stowe Family Law’s recent track record of strong organic growth”, with turnover up by more than 40 per cent and the firm gaining share in its existing markets and extending into new locations. Fowlie said that, since 2020, the company has opened in excess of 65 new locations across England and Wales.
He continued: "With the support of our majority owner Livingbridge Private Equity and our lenders Virgin Money, the firm has continued to make significant investments in people, technology, and digital marketing, each of which supports the firm’s growth and performance.”
"Building on its first acquisition of family law firm, Chapman Pieri in 2022, Stowe continues to work with its key stakeholders and advisors, Springboard Corporate Finance, and successfully acquired two firms in 2023: Watson Thomas in March, extending its reach in Surrey and Hampshire, and boutique practice Crisp & Co in December, adding substantially to its London portfolio.”
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