Funding boost for law firm

A LAW firm is set to create new jobs after securing a £360,000 loan.

Newtons Solicitors was established by Chris Newton in 2009, who having previously practiced litigation as an equity partner for another law firm, decided to start his own business from his home office.

After growing the firm, the practice opened an office in Knaresborough in 2010, followed by the opening of an office in Ripon in June 2011, and a Harrogate office last October.

The practice has 22 employees, including five support staff, and is looking to recruit more members of staff in the coming months in Harrogate to deal with what it sees as growing demand for conveyancing services.

The firm said it is set to achieve fees of £850,000 by the end of its financial year in May.

Newtons switched to Lloyds TSB Commercial for a £60,000 loan to help set up the new Harrogate office, as well as re-financing a £300,000 loan from its previous banking partner.

Mr Newton said: “We’ve grown much more quickly than I ever imagined, largely by word of mouth from satisfied clients, and the latest office in Harrogate is perfectly located to service the increasing demand for conveyancing work due to its proximity to a large number of local estate agencies.

“It’s been exciting to see the practice grow so quickly along with the influx of such talented and well-respected solicitors, and we’re looking forward to continuing our expansion across North Yorkshire.”

Chris Parnell, relationship director for Lloyds TSB Commercial, said: “Newtons’ rapid growth is a testimony to the hard work and skills of Chris and his team, and demonstrates that there are genuine opportunities for expansion for strong businesses, even in uncertain economic conditions.

“When Chris first approached me with his proposal for the latest office I was impressed by his track record and could see that this offered the practice a good opportunity to solidify its growth in Harrogate and the surrounding area.”