Credit hire and legal services group expanding to Leeds

Alan Sellers

Anexo Group, the Liverpool-based specialist integrated credit hire and legal services provider, is to open a new office in Leeds, it announced today.

In a trading update for the year to December 31, 2019, the AIM-listed group, which is focused on providing replacement vehicles and associated legal services to customers involved in a non-fault accident, said the decision to expand follows the success of its Bolton office, housing its Bond Turner legal division.

Today’s update said: “The Bolton office of Bond Turner continues to recruit high quality litigators and support staff and in the second half of 2019 doubled the size of its office space to almost 20,000 sq ft.

“Following the success of the Bolton office, the group is pleased to announce that Bond Turner expects to open an office in Leeds during Q1-2020.

“The Leeds office will initially be staffed by existing senior employees relocating from Bolton. This new regional office will offer excellent opportunities for the recruitment of further staff and the group expects its headcount within Bond Turner to continue to expand.”

Anexo said financial year 2019 was a year of strong progress, and that adjusted pre-tax profits will be in line with current market expectations.

It said: “This reflects the continued expansion of the group’s legal services division and the consequent increase in cash collection.”

The firm, which listed on AIM with a value of £110m in June 2018, said it has continued its strategy of keeping the number of vehicles in its credit hire division (EDGE) at a consistent level.

The group has, at the same time, maintained its policy of increasing the number of litigators within its legal division (Bond Turner), thereby driving increased case settlements and cash collection relative to investment in new cases.

Consequently, monthly cash collections during the second half of 2019 have consistently exceeded the levels achieved in the first half.

The group, headed by executive chairman Alan Sellers, will announce its final results for 2019 on Tuesday, April 21, 2020.