Member Article

Fairpoint Group completes acquisition of Manchester law firm

Fairpoint Group has confirmed the successful acquisitions of Colemans-CTTS LLP, CT Support Services Limited and the entire ordinary share capital of Holiday TravelWatch Limited.

The Adlington-based professional services, has secured the acquisition with an initial payment of £8m in cash and the issue of 755,516 ordinary shares at 132p per ordinary share.

Earlier this month, Fairpoint announced it would be extending its existing £20m five-year debt facility with Allied Irish Banks to £25m to ensure it has access to appropriate funding after the acquisition of Colemans-CTTS LLP, the Manchester-based law firm.

The deal will also see the acquisition of CT Support Services Limited and Holiday TravelWatch Limited.

Chris Moat, Chief Executive of Fairpoint, said: “I am delighted to complete the acquisition of Colemans; it brings a class leading platform for the provision of volume legal services and adds annualised revenues of £19 million.

“The acquisition is in line with our commitment to consolidation in the legal services marketplace and represents substantial progress towards our objective of creating a top 5 UK consumer legal services business. On a pro-forma basis, Legal Services is now expected to generate a majority of the Group’s income.”

This was posted in Bdaily's Members' News section by Ellen Forster .