Legal practice takes a ride with motorcycle claims firm
MOTORCYCLE claims firm Bankstone has seen an ABS law firm muscle in, acquiring a majority stake in the company.
Cheshire law firm Thorneycroft Solicitors has created a new structure and become part of the TS Group as part of the alternative business structure process.
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.
Bankstone has 20 staff and is based in Brighouse, and the obtaining the ABS licence was a “natural progression” for the group managing director Rachel Stow said.
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 whom 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.
