Investor pumps more than £3m into specialist law firm
Harrogate-headquartered IDR Law has secured a £3.25m growth capital investment from UK growth capital investor, BGF.
IDR Law specialises solely in the resolution of contentious wills, probate and trust disputes, with the majority of the firm’s work generated by referrals.
The firm’s IDR Network (IDRN), which was launched in 2022, provides hundreds of members with an online referral and support space for contentious issues, along with extensive training, general resources and commentaries.
The deal will allow IDR Law to invest in talent and proprietary legal tech, as well as expand its office network to the Midlands, North East and London.
Martin Holdsworth, founder and CEO, said: “By its nature, our work is very emotive, so it’s crucial for us to deliver the best possible service to referrers and clients, which is reflected in our exceptional client and referrer NPS scores.
“We have identified opportunities for significant growth, but we will only take on cases where we genuinely believe we can help someone reach their goals.
“BGF understood what we are looking to achieve and that it’s essential we continue to do this in the right way.
“Our business is built on strong foundations because of our focus on our people and culture. From day one, we were set up to work remotely so we could offer our lawyers the opportunity to work flexibly with paid overtime and a healthy balance between work and home.
“Because of this, we’ve been able to attract the best talent with a 20-strong team based across the UK with 90% of our workforce made up of women.”
The deal was led by Chris Boyes and Linda Nguyenova, investors in BGF’s Yorkshire team.
BGF investor, Chris Boyes, added: “Martin has taken an entrepreneurial and innovative approach to a traditional industry and has experienced excellent growth to date, while creating a great place to work.
“With fresh investment and BGF’s experience of adding value to businesses as they scale, IDR Law is perfectly placed to accelerate its expansion.”
Following an introduction by BGF’s Talent Network, Charles Layfield, will join the Board as non-executive chair.
Following a career as a solicitor and law firm partner, he chairs a number of businesses in the legal and connected sectors, bringing a strong track record of driving growth.
IDR Law’s new management board comprises existing partners Richard Thomas, Cara Hough and Eleanor Stenson along with head of marketing, Lindsay Gibson and Richard Stewart as incoming new head of finance.
Advisors to BGF on the transaction were: Legal; Freeths (Dahren Naidoo and Bradley Adams), Tax; Tax Advisory Partnership (Russ Cahill and Toyan Williams).
Advisors to IDR Law were: Legal; ALT Legal (Anna Ashford and Jessica Roberts), Corporate Finance consultant (Paul Lupton).