LONDON, UK: Frenkel Topping (AIM: FEN), a specialist professional and financial services firm operating in the Personal Injury (PI) and Clinical Negligence (CN) space, announced the acquisition of North West Law Services Limited (NWL) by way of acquisition of the current parent company NWL (Group) Limited.
The acquisition is in line with the Board’s strategy of expanding the Group’s activities within the PI and CN market place and North West Law Services is a leading firm of cost consultants based in the North West with over 40 years’ experience in the field that will add to the Company’s expertise in the area and work closely with the teams at Partners in Costs Limited (PIC), Bidwell Henderson Costs Consultants Limited (BH) and A&M Bacon Limited (A&M Bacon).
The acquisition complements the Group’s full service offering within costs and gives broad national coverage and an ability to seamlessly offer its services to its clients.
Founded in 1982 and based in Chester, North West Law Services offers a comprehensive service, from settlement of claim to payment of costs, including all aspects of negotiation, budgeting and detailed assessment. It has 13 fee earners including qualified Costs Lawyers, Solicitors and CILEX and represents clients nation-wide.
The sellers, Lee Evans and Phil Roberts, intend to step back from the company over time and, following a managed handover, NWL will become part of the Group’s Costs operating segment led by Rebecca Bidwell, Director of Strategy and Implementation.
NWL specialises in PI, CN, Court of Protection and Commercial Costs, perfectly complementing the range of services offered by the Group’s existing costs companies, whilst giving access to a new bank of clients and experienced fee earners.
Frenkel Topping has agreed to pay a total cash consideration of £2.75m. The acquisition has been funded utilising part of the recently announced £7.5m revolving credit facility (RCF) with Santander.
For the year to August 2023, NWL recorded revenue of £1.6 million and PBT of £465K and had net assets of £1.0 million as at that date.
The Board expects the Acquisition to contribute positively in the first full year of ownership but is also mindful of certain integration costs expected to be incurred and so is prudently leaving its management expectations unchanged as a result.
Richard Fraser, Chief Executive Officer of Frenkel Topping Group plc, said: “I am delighted to welcome NWL into the Group. Over the years Lee, Phil and their team have built a leading legal costs consultancy business that was well known to the Group prior to discussions commencing. The acquisition fits perfectly into our strategy of acquiring high-quality, customer-focused businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of our other costs businesses – Partners in Costs, A&M Bacon and Bidwell Henderson.”
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