Further growth on the cards for legal business after £60m funding package
LEGAL firm Irwin Mitchell has secured a £60m four-year finance package with three major UK banks to fund its strategic plan to grow its business.
The package, which also includes a £30m ‘accordion’ facility for further finance if required, has been agreed with HSBC’s Yorkshire Corporate team as the lead provider, along with Lloyds Bank Commercial Banking and Royal Bank of Scotland.
Its announcement comes after an 18-month period in which Irwin Mitchell became the first multiple-licensed ABS (alternative business structure) law firm in the UK, completed five acquisitions and announced it would open its ninth regional office in Southampton.
The firm – which has a Birmingham operation – says the move signals the next stage in its plan to be a leading provider of legal and related services in the UK and internationally, building on the Group recording income of more than £200m for the first time in the financial year 2012/13.
Group chief executive John Pickering said: “The fact that we have been able to agree this facility with our banks at a time when the legal sector faces some real challenges demonstrates the strength of our business financially.
“We have a clear plan in place to build on the impressive growth we have delivered in recent years. Passing the £200m mark was a real milestone for us but our plans are to grow the business much more significantly in all the areas we operate in.”
