Silverbeck deal wins SRA approval
QUINDELL Portfolio has completed the acquisition of Liverpool-based personal injury law firm Silverbeck Rymer after receiving approval from the UK’s Solicitors Regulation Authority.
The Hampshire-based software and consultancy firm said the consideration was satisfied by the issue of 97.66m Quindell shares subject to lock in arrangements ranging from 12 to 36 months, together with £12m in cash.
It is the first major North West alternative business structure (ABS) deal – where law firms can change their ownership arrangements away from share-holding partnerships to structures similar to non-law businesses – to win approval.
Rob Terry, chairman and group chief executive of Quindell, said: “Having worked closely with Silverback Rymer over the last six months, we have grown it from the fourth largest personal injury law firm and Quindell Legal Services is now the UK’s largest based on forecast run rate volumes. It is great that we have now completed this acquisition as we enter 2013.”
Around 200 people work for Silverbeck in Liverpool and expansion plans should double this figure over the next year. Kirsti Pinnell, a corporate partner at law firm Kuits in Manchester advised Silverbeck.
