LONDON, UK: The Ince Group (AIM: INCE) has agreed terms for the sale of the business and assets of its Bristol-based claimant personal injury and clinical negligence practice to Clinical Negligence Services Ltd trading as Enable Law.
Ince is an international, full service corporate and commercial law firm specialising in the shipping, insurance, aviation, energy, construction/real estate and high-net-worth advisory sectors.
The consideration for the disposal will be £1.3 million in cash, and has been calculated based on the current value of the Practice’s claims book.
The proposed disposal is consistent with Ince’s strategy to dispose of non-core businesses and focus its insurance practice on corporate insurer clients in the defendant-side market, where six partners have joined the Group in the last year.
The disposal is expected to complete during February 2023, subject to binding contracts being entered into and conditions being satisfied, including the approval of Ince’s principal lending bank.
The disposal of this claimant-side business will reduce the Group’s cost base, generate cash consideration and liberate management time to devote to the new leadership team’s strategy. The proceeds of the Disposal will be applied to the Group’s working capital requirements.
In the financial year ended 31 March 2022, the Practice generated revenue of £2.2m and profits before tax of £0.4m. The Practice consists of a team of 15 fee earners and support staff servicing a claims book of approximately 275 files, valued for accounting purposes at £1.8m as at 31 March 2022, all of which involve the Practice representing claimants in respect of personal injury or clinical negligence cases. The Practice derives its revenues from legal fees and success fees recovered from defendants and their insurers where the relevant file is determined successfully for the claimant.
Following the proposed Disposal, the Group’s offices at Queen Square House, Bristol, will be retained and the Bristol office will continue to be an active regional hub and a key part of the Group’s strategy in the UK.
The Company has granted exclusivity to enable in respect of the Disposal, which will terminate on 28 February 2023 if a binding agreement in respect of the Disposal has not been reached. A further announcement will be made in due course.