Fairpoint Group plc. Completes Acquisition of Simpson Millar LLP
New £20m funding facility to enable further consolidation in debt solutions and legal services markets
Fairpoint Group plc. is delighted to announce its official entry into the UK’s legal services marketplace following receiving approval from the Solicitors’ Regulation Authority (SRA) for its acquisition of Simpson Millar LLP.
Under the Fairpont Group umbrella, Simpson Millar will now have enhanced capability to execute its strategy of consolidation, targeting appropriate legal services businesses around the UK.
Simpson Millar continues to be run by the same management team, using its existing trading brands and operating as a business unit within the Fairpoint Group. Managing Partner Peter Watson says: "We have developed a very positive reputation in the legal sector for the manner in which we have conducted our consolidation activities and the additional resource and expertise which Fairpoint brings to the table will enable us to accelerate that activity and deliver substantial growth for the legal services part of the group".
Chris Moat, Chief Executive Officer of Fairpoint Group, says:
“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.”
The Simpson Millar transaction is Fairpoint’s third acquisition this year, the other two being in the debt solutions market. Fairpoint recently announced that it had agreed a new £20m banking facility with AIB to help facilitate its consolidation strategy.
Chris Moat adds: “This is a fantastic stage of development for both Fairpoint and Simpson Millar. The new banking facility supports this transaction and provides long term financing to underpin the group`s strategy of diversification of its income streams, by both organic growth and acquisition in both our core markets.”
The directors of Fairpoint and Simpson Millar’s partnership reserved particular praise for the regulator.
“On behalf of everyone at Simpson Millar I would like to thank the Solicitors’ Regulation Authority for their support in giving their approval for this change of ownership in only eight weeks,” says Peter Watson, Managing Director at Simpson Millar. “The SRA has shown itself to be helpful and responsive throughout the process.”
Notes to Editors:Fairpoint Group plc
is an AIM quoted consumer financial services business focused on serving financially stressed consumers. Our business is structured into the following primary business lines in order to serve the needs of this consumer group:
www.fairpoint.co.uk Simpson Millar LLP
- 1. Individual Voluntary Arrangements (IVAs)
- 2. Debt Management Plans (DMPs)
- 3. Claims Management
successfully represents the rights of individuals and their families via a network of 13 regional UK offices and through their long-standing association with membership organisations such as trade unions. Simpson Millar was the first ever UK law firm to obtain Lexcel Accreditation from the Law Society and, more recently, the first to obtain the Diversity in Business Accreditation. www.simpsonmillar.co.uk