Acquisition for financial firm

Delighted: Chris Moat

Delighted: Chris Moat

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A financial services business based in Chorley has completed its acquisition of a Manchester-based law firm.

Fairpoint Group plc has made its official entry into the UK’s legal services marketplace its acquisition of Simpson Millar LLP.

Simpson Millar continues to be run by the same management team, using its existing trading brands and operating as a business unit within the Fairpoint Group.

Simpson Millar Managing Director Peter Watson said: “We have developed a very positive reputation in the legal sector for the manner in which we have conducted our consolidation activities and the additional resource and expertise which Fairpoint brings to the table will enable us to accelerate that activity and deliver substantial growth for the legal services part of the group.”

Chris Moat, Chief Executive Officer of Fairpoint Group, said: “We are delighted to have completed the acquisition of Simpson Millar, which represents an important step in diversifying our income streams into legal services, in line with our stated strategy. Simpson Millar has already made significant progress in developing a powerful consumer offering, through the combination of strong legal skills with the innovative application of technology and legal processes. From this solid platform, we look forward to working together to further develop the Group’s enlarged consumer-focused legal services business, accelerating the growth of the Group in this market and delivering enhanced earnings.”

The transaction is Fairpoint’s third acquisition this year, the other two being in the debt solutions market. Fairpoint recently announced that it had agreed a new £20m banking facility with AIB to help facilitate its consolidation strategy.