MSIF backs law firm MBO
A PARTIAL management buyout at a Liverpool law firm has been backed by the Merseyside Special Investment Fund (MSIF).
Heaney Watson, which specialises in family law and has offices in Liverpool city centre, Allerton Road, Broadway in Norris Green and Manchester, was established in 2008 by partners Simon Heaney and Liza Watson.
Ms Watson, who left the business on health grounds, has been bought out by two of the senior team Tracy Winstanley and Ruth Kearns. Simon Heaney continues as the managing director.
MSIF invested £100,000 through its Merseyside Loan & Equity Fund while Santander provided £150,000 and Simon Heaney put in £10,000.
Mr Heaney said: “Ruth, Tracy and I have worked together for over 10 years. They have a great understanding of the business and we all are aligned on where we want to take the company in the future. Both were directors of Heaney Watson and have all the attributes necessary to become shareholders of the business. I am really pleased to have them on the management team with me.”
Ms Winstanley said: “We are highly specialised in our area of practice and have grown significantly since we first set up. The funding from MSIF and Santander financed the MBO and also provided additional working capital which we will use to grow our operations.”
MSIF investment director Paul Humphray said: “Although MBOs are quite unusual in the legal sector I suspect it will become more common as the traditional way in which solicitors practices are structured and run change. Heaney Watson has shown strong growth since it was set up and there is good potential for them to expand even further. We are very pleased to be supporting them.”
Heaney Watson’s turnover this year reached £1.8m and this is expected to grow to £2.2m next year. The firm currently employs 40 staff and expects to take on a further 15 in the next 12 months.
