Express Solicitors in £10m growth drive
A PERSONAL injury law firm has agreed a £10m deal with its lender to fuel further growth.
Express Solicitors, based in Northenden, south Manchester, has secured a £10.06m funding package with existing lender The Royal Bank of Scotland (RBS).
The funding will be used to ramp-up marketing spend to accelerate organic growth as well as acquiring other law firms and case loads.
The ABS company, which has 176 staff, was established by James Maxey in September 2000 and has since enjoyed rapid growth and expansion, securing an average of 30% organic year on year growth for the last 14 years.
In April 2014, the business undertook its first competitor acquisition, a move which has given it an appetite to look for other deals as a means of boosting growth.
Managing partner James Maxey said: “We have had great success during the course of the last 14 years, achieving continuous growth and establishing an excellent reputation amongst clients in the personal injury industry. Since 2012 alone the number of cases we have on our books has risen from 2,355 to 6,833 which shows just how quickly our business is expanding.
“The funding package we have secured with RBS will enable us to focus on the growth of the business without having to compromise on other areas. It is our intention to begin to look at more competitor acquisitions as an additional means of securing growth and the funding will support this.”
He added: “We have banked with RBS since we first set up Express Solicitors and their support has been excellent from the start.”
Steve Taylor, senior relationship manager at RBS said: “The management team has a very clear set of objectives for the company and their success in recent years has shown just how dedicated they are to achieving these results. We look forward to continuing to work with the firm and to help them achieve their growth ambitions in the future.”
