Professionals: First year success for Leeds professional risk business; Law firm rolls out employment mediation service; and more
A Leeds-based professional indemnity (PI) specialist has exceeded its first-year targets and is on course to quadruple the size of the firm in three years.
Since its launch 12 months ago, JM Glendinning’s professional risks division has gone from zero to turnover of £250,000 and is on track to hit its £400,000 turnover target for 2016/17.
PI insurance specialist Jake Fox set up the professional risks division within insurance, financial and health and safety services group JM Glendinning in January last year following 15 years’ experience in the sector. Based in London initially, Fox launched and grew the firm’s Leeds office in 2011 before it was acquired by Willis in 2013.
He says, “I was confident that the JM Glendinning business model was strong from the onset and that the infrastructure was in place to achieve what I wanted to achieve; which has certainly proved to be the case.
“Building on the success of our first year, we plan to grow the division into a £1m turnover business over the next five years, employing a team of specialists. Based on current performance and staffed with the right people – both up and coming talent and experienced senior level members – I think we could feasibly achieve this in three years.”
:::
Blacks Solicitors has announced it is offering a new commercial mediation service for both companies and individuals looking to resolve disputes.
The service will be run through employment director Iain Jenkins, whose initial background was in litigation before he expanded his practice into employment law.
He deals with claims in the County Court, High Court and Employment Tribunal claims, as well as mediating disputes for businesses and individuals.
Jenkins said: “I am very excited to be leading this new service for Blacks Solicitors. As a member of the Association of Northern Mediators and CEDR I’ve had plenty of experience managing some rather challenging mediations in the past and I look forward to offering this service to businesses and individuals throughout the region and beyond. Mediations are increasingly important, as reaching a settlement before the dispute reaches court can save companies and individuals a considerable amount of time and money.”
:::
Law firm DAC Beachcroft has helped longstanding client Fastflow Group to secure major investment from private equity house Elysian Capital to support the UK maintenance company’s growth plans.
The deal completed in Leeds earlier this month, marking a significant cash injection for Fastflow, which provides maintenance services to the owners of critical assets in the water, gas and social housing sectors. Headquartered in Washington Tyne & Wear with offices in London, Oxford, Warrington and Reading, the company has already experienced major growth over the past five years with combined turnover in 2017 expected to top £75m.
DAC Beachcroft fielded a multi-disciplinary team on the deal drawn from its offices in Leeds, Manchester and Newcastle. Led by corporate partner,Paul Ellaby, the team also included William Pinnock, Ita Thomas and Rebecca Meyers (corporate), Nick Molloy and Charles Christie (real estate), Richard Kay and Natalie Smith (employment), Jo Taylor (pensions) and Michael McCormack (tax).
Cavu Corporate Finance (Newcastle) brokered the deal while Lloyds Bank Commercial Banking and Yorkshire Bank provided senior debt facilities to support the transaction. Elysian Capital was advised by KPMG, Credo, Addleshaw Goddard and Aon.
