Fri, 20 Sep 2013 | DIVISION SALE
Manchester-based law firm Pannone is said to be considering a sale of its consumer business division to Slater & Gordon.
Reports from The Lawyer revealed that sources close to Pannone have confirmed that due diligence is already underway and a demerger of the private client business is to be expected. Staff are said to have received an email telling them to expect an announcement at the end of the month after partners take a vote on the matter next week.
Slater & Gordon, meanwhile, is working towards its goal of becoming the lead consumer firm brand in the UK. Combining personal injury, clinical negligence, family and employment groups with Pannone would represent a major step along this route.
Slater & Gordon gave a statement to the news source: “At any point in time we are in discussions with a number of firms.
“But as a publicly listed company if we did have an announcement to make about a potential acquisition of a material nature we would of course first make an announcement to the ASX [Australia's stock exchange, where the company is listed]. We are not in a position to comment on any specific anonymous reports at this time.”
The Australian company first entered the British market in 2012 with its acquisition of Russell Jones & Walker. Since then it has gone on to make a number of strategic acquisitions and build up its presence and turnover in the UK.
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