£8m backing towards law firm’s ambitious growth strategy
Express Solicitors, the Manchester-based personal injury law firm, has signed a revolving credit agreement with The Royal Bank of Scotland (RBS) worth £8m.
The funding will support the firm and give it the flexibility to achieve its ambitious growth plans. It will help finance a strategy based on both organic and acquisition-based expansion, as well as make funds available for increased marketing spend and the recruitment of more staff, from graduates to partners.
Last September, Express Solicitors Group announced its best financial results from April 2020 to April 2021, with group turnover up by 14% from last year to £31.3m and caseloads growing by 36% to 19,015.
During this financial year, Express Solicitors employed a further 162 members of staff including a clinical negligence partner and in-house barrister and made 56 promotions, six of these to partner.
James Maxey, managing director at Express Solicitors, said: “RBS has given us its funding support for over 21 years and has been integral to the firm’s success. It has enabled significant growth through acquisitions and helped us in implementing a solid marketing strategy, training programmes that help us promote from within and recruiting the best talent out there to service both new clients and our loyal customer base.
“We’ve always been a very ambitious firm and this £8m revolving credit agreement with RBS will not only help us to expand but, crucially, while doing so, retain the high service levels our clients have come to expect.”
Paul Gaynor, relationship director at The Royal Bank of Scotland, said: “We’ve known the management team for many years and are very confident it has the experience, expertise, ambition and resources to meet its objectives in what can be a challenging market.”
Express Solicitors specialises in personal injury and accident claims, clinical negligence claims and serious injury cases. It has 389 staff and is ranked in The Lawyer Top 200. Its lawyers and the firm are recognised in The Legal 500 and the firm is noted in Chambers and Partners.