YORKSHIRE-based Simpson Millar Solicitors is set to be acquired by a financial services firm, following revolutionary changes that allow non-lawyers to enter the legal sector for the first time.
Fairpoint Group, which is one of the UK’s biggest providers of advice and services to “financially stressed” consumers, has reached an agreement to acquire Simpson Millar, together with associated companies.
The planned acquisition is for an initial consideration of £9m payable in cash and shares; along with a further “earn-out consideration” of up to £6m payable in cash and shares,
The acquisition is expected to accelerate the growth of the group.
Simpson Millar provides consumer-focused legal services, with its areas of specialism including: family, personal injury, and clinical negligence. It is headquartered in Leeds and has more than 250 staff based in 13 offices around the UK. It was founded more than 150 years ago.
Peter Watson, the managing partner of Simpson Millar, added: “Together, we are considerably stronger and better placed to help more consumers with their legal requirements.”
Chris Moat, Fairpoint’s chief executive, 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.”