Halliwells reveals £19m three-year refinance deal
LAW firm Halliwells has agreed a three-year £19m banking facility with RBS as it revealed a fall in annual profits.
The firm – which also published results for the year to April 30 last year, said the refinancing would provide stability while the economy recovers.
The Manchester, Liverpool, Sheffield and London-based practice said its 153 partners had pumped £5.45m into the business during the year to help the firm through the recession.
Revenues during the year fell 4.3% from £81.3m to £77.8m, while operating profits fell from £24.6m to £18.9m. Profits for division among members dipped from £23.4m to £17.05m.
Executive chairman Ian Austin, pictured, told TheBusinessDesk: “It has been a tough environment for law firms and I think for the whole of professional services in general. 
“It would be nice if the market picks up a bit, but that’s not something in our control.”
He said Halliwells was trading ahead of budget in the current year: “We have taken a lot of cost out of the business and income and profits were ahead of budget at the half year stage. Hopefully we can maintain that in the year ending in April.”
He said the refinancing deal comprised of a £2m overdraft, a £5m term loan and a £12.77m revolving credit facility.
Managing partner Jonathan Brown added: “The new facility gives us a platform for growth for the next three years, it’s long term and a positive move for the firm.”
The accounts reveal that staff numbers across the firm fell from 893 to 825 during last year. Staff costs were reduced from £31.8m to £29.5m.
The firm said its litigation, insurance, pensions and tax advisory departments had performed well during the year.
