Cobbetts seals funding deal and posts income rise

LAW firm Cobbetts has secured an £11.5m funding package with Lloyds Bank Corporate Markets as it posted a 3% increase in fee income to £20.5m in the first half of its financial year.

Manchester-based Cobbetts said the financial injection would provide the firm with “the platform from which to continue its sustained growth trajectory”.

And the firm, which also has offices in London, Birmingham and Leeds, said the increase in its half-year revenue was supported by underlying growth of 5%, positioning the firm for a “robust” full year performance.

Key areas of growth in the six months to October 31 for the firm, which was recently linked with a merger with rival DWF, were litigation and corporate, which boosted fee income by 9 and 5% respectively when compared with the same period last year.

New client wins for Cobbetts during the period included leading UK telecommunications provider Maintel Holdings plc, US biotechnology giant Techne Corporation, and a number of high AIM-quoted mining and minerals companies.

Panel appointments included the Healthcare Trust Europe framework, which will see the firm providing a range of services to the NHS.

Finance director James Boyd, said: “Our performance in the first half of the year is testament to the hard work and focus of everyone within the firm. The funding package from Lloyds serves only to strengthen our financial position.

“Despite the continued challenges in the UK and global economies, we continue to win quality domestic and international work through our emphasis on innovative, client-led services and knowledge-based differentiation.

“We move into the second half with a healthy order book, and look forward to continuing this level of growth and recording a strong full year performance.”