Profits exceed £100m at law firm which worked on some of region’s biggest deals
Revenue grew by 14% to £275.4m at law firm Addleshaw Goddard over the last year.
As a result profit exceeded £100m which is a 16% increase on the previous 12 months.
Cash reserves now stand at £59m, an improvement of £25m even after ongoing investments in people and global infrastructure.
In Manchester the firm was involved in a series of deals.
The health and safety team provided pro-bono representation for three families in the Manchester Arena inquests which are set to take place during 2020.
The firm was also at the heart of initial discussions regarding legal representation for the families, hosting steering committees attended by a number of law firms and the Law Society to discuss legal representation for those affected.
The firm’s corporate team advised JD Sports Fashion on its $558m acquisition of The Finish Line, Inc.
And the energy team is assisting TfGM in the procurement to extend, improve and operate the electric vehicle charging infrastructure (EVCI) network within Greater Manchester.
The corporate team advised Bruntwood Group on its acquisition of Birmingham Science Park and subsequent joint venture with Legal & General, to be known as Bruntwood SciTech.
Meanwhile, the banking and finance team acted for The Hut Group repeatedly in respect of its financing arrangements and was the sole legal advisors on the $1bn funding requirement to enable further expansion across the group.
The real estate team originated, negotiated and completed the project documents on behalf of the landlord in connection with Amazon’s decision to locate is second UK HQ in Manchester.
And the same team acted on the acquisition of the former Kellogg’s building in Old Trafford to be the base of UA92, the higher education project backed by former Manchester United footballer, Gary Neville, the University of Lancaster and Microsoft.
John Joyce, Managing Partner, Addleshaw Goddard said: “Another very strong year – financially and operationally. Organic revenue growth of 14 per cent combined with a 37 per cent profit margin and our second consecutive year of double digit growth shows the resilience, strength and ambition across our business with all divisions, every office and every jurisdiction outperforming plan.
“We have now exceeded the KPIs we set ourselves in 2014, and seeing great progress in key markets, particularly in the City where last year we advised 40 per cent of all FTSE100 listed PropCo’s and on nearly a quarter of all UK public takeover bids. After five years of growth we are 60 per cent bigger than in 2013/14, and last year delivered record levels of profit whilst continuing to invest substantially in our operations and client teams across the firm – in London, Asia, Europe and the Middle East.
“And we have continued to invest heavily in the wellbeing of our people, most notably the Mindful Business Charter in collaboration with Barclays and others to tackle and reduce avoidable stress in ways of working within the legal sector.”
