One of England and Wales’ biggest dedicated personal injury law firms has been bought out by private equity investors, as the long-awaited prospect of tumult in the sector begins to take shape.

Companies House records show that Fletchers Solicitors was acquired last week by Lamed Bidco Limited, a private limited company based in Mayfair, London. They also reveal that founder Robert Fletcher and former chief executive Edward Fletcher (pictured) both ceased to have significant control of the company, and that their appointment as directors has been terminated. Other non-executive members of the board, Vikas Shah, Nigel Savage and Paul Duncanson, are also no longer directors.

Lamed Bidco was incorporated earlier this year. Its directors are listed as chartered accountant Paul Daccus and Antony Levinson, who is a solicitor. Daccus is managing director of transactions and Levinson a senior vice president of private equity outfit Sun Capital Partners Inc, a worldwide investment fund whose UK affiliate has stakes in a number of business including a chilled foods business and the Sharps Bedrooms company. The UK affiliate is registered at the same address as Lamed Bidco. 

Fletchers employs more than 500 people and has offices in Southport and Manchester. Its most recent accounts, for the year ended 30 April 2021, show that turnover increased 40% to £45m, while profit before tax rose at almost the same rate to £5.5m. Then chair Robert Fletcher said in his strategic report that the firm had dealt with the challenges of the pandemic very successfully, with overall net assets increasing by £4.1m to £12.1m.

Rob Fletcher this week said of the buyout: 'Fletchers has been my life for the past 34 years. I am so proud of what we have achieved in that time and so proud of the people who have been part of that achievement. There comes a time, however, when things have to move on and I feel that now is the right time for me to pass the baton on to the next generation.

'I believe that our management team, backed by Sun, have the ability to take the business to the next level and I will be just as proud watching the future development of Fletchers from the side-lines.'



The buyout is the latest major development in the personal injury market since the reforms of the Civil Liability Act and changes to fixed fees and the Legal Aid, Sentencing and Punishment of Offenders Act. The Gazette understands that at least one firm in the market has called in administrators in the past week, with lenders at another petitioning a firm for bankruptcy after issues with repayments.



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