Fairpoint to acquire Leeds firm for up to £15m
Chorley-based Fairpoint Group has reached an agreement to acquire Leeds-based Simpson Millar LLP Solicitors.The proposed acquisition of Simpson Millar, a consumer legal services business, is worth an initial £9m payable in cash and shares with a further earn-out consideration of up to £6m payable in cash and shares, based on financial performance up to June 2016..
Simpson Millar provides consumer-focused legal services with its main lines including family, personal injury, and clinical negligence.It is headquartered in Leeds and has more than 250 employees based in 13 offices around the UK.
In the financial year ended 30 June 2013 Simpson Millar generated consolidated revenues of £16.9 million. Chris Moat, chief executive officer of Fairpoint , said: "The proposed acquisition of Simpson Millar presents us with an opportunity to accelerate the diversification of our income streams into the legal services market place, in line with our stated strategy."