A financial business has today announced its move into the legal marketplace with the purchase of a  UK law firm. Fairpoint Group plc, an AIM quoted consumer financial services business focused on serving financially stressed consumers, has received  approval from the Solicitors’ Regulation Authority (SRA) for its  £15m acquisition of Simpson Millar LLP. Under the Fairpoint 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.

Consolidation

Managing Director 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 the company is ‘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.’ He added that Simpson Millar had 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.’

Loan facility

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. 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 looking for Individual Voluntary Arrangements (IVAs),  Debt Management Plans (DMPs) and Claims Management. Simpson Millar LLP operates through 13 regional UK offices and has long-standing associations with membership organisations such as trade unions.