UK top 50 firm Shoosmiths has joined forces with collections and enforcement business Chartsbridge to launch a standalone recoveries business.

Equivo – which is majority owned by Shoosmiths and built on the former Chartsbridge business – is designed to be a ‘one-stop shop’ for recoveries-related issues, providing collections, legal and enforcement services. As part of the joint venture, Equivo has acquired Shoosmiths’ existing recoveries service offering, which includes early and late-stage collections, pre-legal activity and recoveries litigation.

Simon Boss, CEO at Shoosmiths, said: “For some time, we have been reviewing how to further enhance our recoveries business by providing new, dynamic and exciting products and services to our clients and the market.”

He added: “Recoveries is a distinct business area, requiring particular and unique skills and systems. Equivo will drive continued investment and development in this business.” 

The new company will be split into three divisions – legal, collections and field, and enforcement – and provide clients with a range of recoveries solutions, from legal services and High Court enforcement, to motor and property repossessions and field services such as trace activity.

John Ingram, founder of Chartsbridge and CEO of the new Equivo business, said: “By entering into this venture with Shoosmiths, the new combined Equivo business is now able to offer a complete end-to-end and highly tech-enabled service to our clients, and this is something that no one else in the market can currently offer.”

Consumer finance litigation and recoveries lawyer Jim Taylor has joined Equivo as managing director of its legal division after 24 years at Shoosmiths. Meantime banking and finance and dispute resolution lawyer Mel Chell will become director of client experience and culture at Equivo while also remaining a partner at Shoosmiths. 

Equivo has hired Jonathan Chatfield from Marston Holdings as managing director of its enforcement division, while former Shoosmiths partners Lisa Keating and Sean Adams will also join the new business where they will continue to focus on consumer finance litigation and recoveries.

In total, 182 Shoosmiths staff have joined the new company. Mel Chell will also sit on Equivo’s board along with partner Stuart Little, who heads Shoosmiths’ business advisory division.

This week has also seen Dentons launch a standalone advisory business alongside Washington DC-based Albright Stonebridge Group as it seeks to expand its service offering beyond traditional legal advice.