Law firm completes management buyout and implements growth plan after loan
Black Norman Solicitors, the Crosby-based firm, has received a six-figure loan from Liverpool-based funder, River Capital, through its NW Business Growth Loan Fund.
The funding will support a management buyout and succession plan at the law firm.
Black Norman Solicitors, founded in 1976, specialises in property and private client work and the loan will enable two of the firm’s current owners and directors, Richard Entwistle and Shoab Panwar, to acquire the shares of founding partner Howard Norman, who, at 74, is transitioning to a consultancy role after 48 years in practice.
Jim Moore, Investment Manager at River Capital, said: “We’re pleased to support Black Norman Solicitors in this important transition.
“The firm has a strong track record spanning nearly five decades, and this funding will help ensure its continued success under the next generation of leadership.
“It’s a testament to the firm’s resilience and adaptability that they’re undertaking this succession plan while also focusing on future growth.”
The loan will be used to facilitate the share buyout, and providing some working capital to support future growth and expansion plans.
Black Norman Solicitors currently employs 30 staff and plans to create five full-time positions over the coming years, contributing to increased job creation in the local economy.
Director, Richard Entwistle, said: “We’re grateful for River Capital’s support during this pivotal moment for our firm.
“This funding allows us to implement our succession plan while positioning the business for future expansion that includes incorporating new talent to lead the business in the future.”
He added: “It’s an exciting time for Black Norman Solicitors as we build on our strong foundation and look towards new opportunities.”
Fellow director, Shoab Panwar, said: “This investment from River Capital is a vote of confidence in our business model and our plans for the future. It will allow us to continue providing high quality legal services to our clients while also investing in our team and infrastructure.”
The NW Business Growth Loan Fund, managed by River Capital, provides debt funding between £100,000 and £500,000 to small and medium-sized enterprises across the North West to support growth and job creation.
