Thorneycroft invests after ABS move
A CHESHIRE law firm has acquired a majority stake in a Yorkshire motorcycle claims management business after it was granted an alternative business structure (ABS) licence.
As part of the ABS process Macclesfield-based Thorneycroft Solicitors, has created a new structure and become part of the TS Group.
It has also appointed Sue Carnwell to its board. Carnwell has more than 15 years’ experience, was previously finance and commercial director for legal, consultancy and training company Bibby Consulting before its sale to Wilmslow-based Citation.
Its deal with claims management firm Bankstone, which has 20 staff and is based in Brighouse, was a “natural progression” for the group managing director Rachel Stow said.
“We have worked closely with the team at Bankstone for something like 12 years and they are a natural fit for us and will mean better access to help and advice for our clients, who may be badly injured.”
As well as the law firm and Bankstone, there are also four other businesses in the group including accident management company, Claimcare; car hire business United Assistance; and specialist Personal Injury brands Claimant Law and Cycle Assist. In total TS Group has 200 staff, the majority of whome are based in Macclesfield.
Stow said: “As a law firm we’ve always had one eye on the future and so weren’t caught off guard by the seismic changes in the legal services market.
“Our strategy to form strong strategic partnerships and acquire other complementary businesses has enabled us to continually innovate and grow. We are proud to have created a sustainable and diverse legal business, along
with a far better service offering.”
While the majority of revenues are personal injury claims related, 10% of all fee income now comes from private client and commercial legal work after strategic growth over the last two years, Stow added.
The business is owned by Stow, and seven group directors, and is on track to reach £15m turnover this financial year.
Asked if TS would look to take on external investment as part of the ABS , she said: “At the moment we are quite happy as we are, but we’re always looking at the next thing, so I would not rule anything out.”
The ABS licence was secured from the Solicitors Regulatory Authority with advice from North West law Weightmans.
