Fairpoint completes Colemans buyout

LANCASHIRE-based professional services specialist has completed its acquisition of  Colemans-CTTS LLP, CT Support Services and Holiday TravelWatch, together known as Colemans – originally announced on August 3.

The company headquartered in Adlington paid an initial £8m in cash in addition to the issue of  755,516 ordinary shares at 132p per ordinary share.

Application has been made for the completion shares to be admitted to AIM and dealings are expected to commence on August 20.

Following the issue of the completion shares, the enlarged issued share capital, excluding 1,194,167 shares held by Fairpoint in treasury, will be 44,586,224.

The company, which recently also acquired national law firm Simpson Millar, now has a combined turnover of more than £40m.

Fairpoint chief executive Chris Moat said: “I am delighted to complete the acquisition of Colemans; it brings a class leading platform for the provision of volume legal services and adds annualised revenues of £19m.

“The acquisition is in line with our commitment to consolidation in the legal services marketplace and represents substantial progress towards our objective of creating a top five UK consumer legal services business. On a pro-forma basis, legal services is now expected to generate a majority of the Group’s income.”