National consumer firm Simpson Millar is to become part of a stock-market quoted financial services business under a £15m deal announced today.
Fairpoint Group plc, an Alternative Investment Market quoted financial services business specialising in ‘financially stressed consumers’ said it had agreed the acquisition of Simpson Millar, which it described as ‘a consumer legal services business’, for an immediate £9m in cash and shares plus a future payment of £6m.
The transaction, which is subject to market and regulatory approval is expected to accelerate growth and provide new opportunities for two highly complementary businesses, the statement said.
In the financial year ended 30 June 2013 Simpson Millar generated consolidated revenues of £16.9m.
Peter Watson, managing partner, said: ‘The synergies between ourselves and Fairpoint Group will enable Simpson Millar to expand and grow its footprint while supporting long established links and relationships upon which the firm has built its reputation.’
Simpson Millar will continue to be run by its current management team, using its existing brands and operating as a business unit within the Fairpoint Group. The firm is headquartered in Leeds and has 10 regional offices around England and Wales.
The firm has made a string of recent acquisitions, including education specialist MG Law and family practice McAra’s and the care homes division of Barnetts.