Halliwells turnover falls as it sells volume division

HALLIWELLS has reported a 4.5% drop in annual turnover, and sold its subsidiary HL Interactive to the management team for an undisclosed sum.

The firm saw turnover for the year to the end of April fall to £83m, from £87m a year earlier.

Managing Partner, Ian Austin said the year had been “challenging” but pointed to strong growth in insurance litigation and continued performance in construction and commercial litigation, with a combined fee income of £34m. 

Halliwells has retained a 10% stake in volume legal services company  HL Interactive. Funding for the management buyout, led by chief executive Matt Wightman, was provided by Co-operative Bank.

Mike Hutchins, former managing director of Royal Bank of Scotland’s retail division, has been appointed as its new chairman.  

Mr Wightman said: “Over the last five years, HL Interactive has built up solid partnerships with a number of the leading organisations in the financial services industry.

“The business has a strong brand and an excellent reputation.  There are significant opportunities to increase our market share through organic growth and strategic acquisitions.

“In practical terms, it is business as usual.  Halliwells has retained a stake in the business and the backing and support of one of the UK’s leading law firms provides HL Interactive with a competitive advantage in a consolidating market.”

The MBO team at HL Interactive was advised by Adrian Berg at Alexander & Co and Chris Wilkinson at George Davies & Co.