Thu, 19 Jun 2014 | BUSINESS SALE
A Chorley-based financial services firm has completed its acquisition of a law firm within the same region.
Fairpoint Group plc has added legal expertise to the services it offers through the acquisition of Manchester-based Simpson Millar LLP. The law firm will continue to be run by the same management team and operate as a separate business unit within Fairpoint.
The financial business gained approval from the Solicitors’ Regulation Authority for the £15 million deal to go ahead earlier this week (17 June). The acquisition forms part of Fairpoint's strategy to expand its portfolio of services into the legal market, thereby generating a new source of income.
Fairpoint is an AIM quoted consumer financial services business focused on serving financially stressed consumers. Its acquisition of Simpson Millar is the company’s third this year, with the previous two both being within the debt solutions market.
Furthermore, the financial services firm recently revealed that it had a funding pot of £20 million to purchase more businesses later in the year.
Chris Moat, CEO of Fairpoint Group, commented: “We are delighted to have completed the acquisition of Simpson Millar, which represents an important step in diversifying our income streams into legal services, in line with our stated strategy.
“Simpson Millar has already made significant progress in developing a powerful consumer offering, through the combination of strong legal skills with the innovative application of technology and legal processes. From this solid platform, we look forward to working together to further develop the Group’s enlarged consumer-focused legal services business, accelerating the growth of the Group in this market and delivering enhanced earnings.”
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