Law firm to take on 30 extra staff after landing funding
A Lancashire law firm is planning to take on 30 new staff after securing a £1.2m funding package.
Vincents Solicitors secured the investment from Lloyds Bank Commercial Banking.
The funding, which forms part of Lloyds Bank’s commitment to lend £1.3bn to businesses in the North West during 2019, will provide the firm with the working capital it needs to continue to grow over the next five years.
The deal follows a period of significant growth for the firm, which has increased its turnover by more than 30 per cent in the past three years.
Founded by Alan Vincent in 2000 in Garstang with just two fee earners, today it employs more than 100 people and earns fees of around £6m across a county-wide network of six offices, headquartered in Preston.
The multidisciplinary firm serves a mix of private-client and commercial customers and offers wide-ranging services such as wills, conveyancing, employment law and advice on clinical negligence cases.
David Hawke, finance director at Vincents Solicitors, said: “We have achieved significant growth in recent years, not only in terms of our turnover but also in headcount, client base and the range of services offered.
“We plan to continue this sustainable growth by bolting on new teams of talented people to the business, and potentially through mergers and acquisitions, as well as organic growth.
“Right from the start, we have been an ambitious firm that is always looking for opportunities to grow. The team at Lloyds Bank has been by our side, providing guidance and support as we continue to target those opportunities.”
Garry Birchall, relationship director at Lloyds Bank said: “Vincents Solicitors is a great example of a dynamic North West business that has achieved impressive levels of growth.
“The speed at which it has evolved from a two-person business to a significant contributor to the local economy is testament to the firm’s entrepreneurial spirit.
“Its expansion plans for the future will see it create jobs across Lancashire and beyond, and it is essential that ambitious firms like this have the right financial backing in place.
“We’re proud to provide the tailored funding that firms like Vincents Solicitors need as part of our plan to Help Britain Prosper.”