Law firm targets growth after securing funding package
A SHIRLEY law firm has used part of a £380,000 funding package to purchase the freehold on its premises.
S V Wadsworth & Co Ltd, which was founded in 1986, secured £100,000 from the Government-backed Enterprise Finance Guarantee (EFG) along with a European Investment Bank (EIB) loan for £280,000.
The firm, which employs 16 people, plans to build on the security gained from owning its office space to broaden its client base and increase its corporate work.
John Wadsworth, the firm’s managing director, said: “We always wanted to purchase our premises but with deposit requirements so high and any profits we make being ploughed back into the business, it had not been previously possible.
“After approaching Lloyds TSB Commercial for their support we have been able to secure an EFG loan which has given us the opportunity to be able to cement our future.
“Offering a range of services for our customers gives our business great stability because when one area slows down, another inevitably gets busier, giving us a good balance of income.”
Darren Riley, relationship director at Lloyds TSB Commercial, said: “The EIB and EFG schemes are a fantastic way for businesses like S V Wadsworth & Co to secure funding. The firm has been in Shirley for 25 years and I am pleased to have helped it secure the premises in its anniversary year.
“The firm provides a valuable service to the local community. It can be daunting for independent businesses during challenging economic times, so it was important for John to have a solid, secure basis so that he can continue the success of the firm into the future.”
