Members of international firm DAC Beachcroft have injected capital totalling £10.2m to help fund a five-year growth plan, LLP accounts have revealed.
According to accounts filed this week with Companies House, the money was added to a £40m four-year revolving credit facility which will provide a 'stable platform' for 'strategic growth'.
The injection of capital came during a financial year in which fee income grew from £163.5m in 2012 to £186.8m in 2013.
Profit before taxation was up 43% over the same period, from £22.2m to £31.7m.
The members’ report said: ‘In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term bank finance and members’ capital.’
The accounts also reveal staff costs increased from £86m to £99m, with the total number of employees rising from 1,842 to 2,051.
The highest profit share of a member dropped during the year from £579,000 in 2012 to £450,340 in 2013.
The firm, created by the 2011 merger between Davies Arnold Cooper and Beachcroft, continued to grow in 2012/13. In September 2012 the firm acquired the business and assets of Andersons Solicitors to form DAC Beachcroft Scotland and later that year expanded into Chile.
This week the firm also opened an office in New York, which will be used to promote multi-jurisdictional insurance capabilities, especially across Latin America.
The new base will also allow it to build greater relationships in North America, it says. It forms part of a strategic alliance agreed with specialist New York insurance law firm Abrams, Gorelick, Friedman & Jacobson (AGF&J).