Bristol business snaps up personal injury specialist for £1.3m
A Bristol business which specialises in personal injury and clinical negligence is to be sold by its parent company for £1.3m
The Ince Group, an international law firm specialising in the shipping, insurance, aviation, energy, construction/real estate and high-net-worth advisory sectors, has agreed to sell its Bristol operation to Clinical Negligence Service which trades as Enable Law.
The firm say the sale fits in with its strategy of disposing of non-core businesses. It is planning to focus its insurance practice on corporate insurer clients in the defendant-side market, where six partners have joined the group in the last year.
The sale is expected to complete in February subject to binding contracts being entered into and conditions being satisfied, including the approval of Ince’s principal lending bank.
The consideration for the disposal will be £1.3m in cash, and has been calculated based on the current ion to value of the Enable’s claims book.
The disposal of this claimant-side business will reduce the group’s cost base, generate cash consideration and free up management time to devote to the new leadership team’s strategy.
The proceeds of the sale will be added to the group’s working capital requirements.
In the financial year ended 31 March 2022, the business generated revenues of £2.2m and profits before tax of £400,000.
The company has a team of 15 fee earners and support staff servicing a claims book of approximately 275 files, valued for accounting purposes at £1.8m.
Revenues come from legal fees and success fees recovered from defendants and their insurers where the relevant file is determined successfully for the claimant.
Following the proposed sale, the Ince’s offices at Queen Square House will be retained and the Bristol office will continue to be an active regional hub and a key part of the Ince’s strategy in the UK.
Rob Antrobus, partner at Enable Law, confirmed the deal will go ahead subject to completion of negotiations.