Law firm’s future is secured thanks to funding deal

Steve Din

The future of a St Helens law firm has been secured after it secured funding from a lender.

P R Scully & Co has emerged from a PVA (Partnership Voluntary Arrangement) after securing additional funding from Doorway Capital.

The additional funding secured by the firm, a family run practice of personal injury specialists with over 25 years’ experience enables the PVA to be concluded, securing the future of the business.

Paddy Scully, managing partner of P R Scully & Co, said “We have worked hard to achieve a successful conclusion to our Partnership Voluntary Arrangement.

“Gaining the support and trust of funders is incredibly challenging when operating in the PI market given the legislative changes.

“We are incredibly grateful to the Doorway team and the pragmatic, innovative approach they adopt with regards to funding.

“Indeed, that support has been instrumental in concluding the PVA and securing our business for the future.

“Although we are a small team of 14 people, with Doorway’s contribution we hope to steadily grow the firm over the next 3 years, continuing to drive our business forward.”

Doorway presents a range of innovative financing options to law firms, offering unparalleled experience and expertise.

Steve Din of Doorway commented: “Doorway financings are tailored to the individual needs of each law firm, enabling them to grow and develop their business.

“We were pleased to assist P R Scully & Co – and in circumstances that many banks and traditional financial institutions would rather well avoid.

“The funding P R Scully has received provides a platform from which they can achieve their ambition of expansion, and we wish them well in that ongoing journey.

“We are operating in a changing market, and with change comes innovation. Doorway offers innovative packages to firms, such as P R Scully to invest in their future, despite the wider landscape, enabling constructive and positive change.”

Last year, Doorway acquired law firm Simpson Millar as part of a pre-pack – a pre-packaged administration – after its parent, Fairpoint Group PLC, become insolvent.

Following the acquisition Doorway announcing a five-year growth strategy for the firm, investing over £50m in marketing, technology and its people to help capitalise on the opportunities in the consumer legal market driven through continued regulatory reform, cost pressures and changing client demands.

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