Law firm consolidator Metamorph has gone into the market again with the acquisition of a Hampshire firm.
Verisona Law, based in Portsmouth, joined the group this week to continue Metamorph’s strategy of snapping up high street practices across the country.
Verisona had only recently completed the acquisition of neighbouring firm Donnelly & Elliott to create a practice with three offices and around 70 staff.
Metamorph Group MD, Alan Webb, commented: ‘The acquisition of Verisona Law adds further depth and quality to our operations and brings some of the leading legal teams in the area into our business. It adds a respected local brand to our stable and fits perfectly with our strategy to grow as a single business with multiple brands.’
Sue Ball, managing director of Verisona, who will join Metamorph’s management team, added: ‘Though there will be no difference in terms of our client service, being part of the group strengthens all Verisona Law has to offer and ensures a bright future for both our clients and highly valued staff.’
According to unaudited financial statements posted at Companies House this week, covering the year ended 30 September 2018, Verisona increased its current assets year on year from £1.7m to £2.1m. But amounts due to creditors within one year increased from £718,000 to £957,000. Bank overdrafts almost doubled to £335,000 in 2018, while the firm also took out a bank loan worth £94,000.
Metamorph markets itself to potential sellers as offering the chance to continue in business and potentially grow, while sharing the costs of back-office functions. It predominantly looks for firms involved in private client work such as residential conveyancing, wills, trust and estates, family and corporate work for SMEs.
Metamorph takes over any existing bank debts and facilities, and offers employment contracts to selling partners on terms which include a minimum guaranteed term and bonus structure.
In 2016 the company acquired the trade and assets of Linder Myers, then in February 2017 bought SLC Solicitors for a total consideration of £620,000, including £500,000 in cash. In October 2017, BPL Solicitors Limited was acquired for a deal worth £707,000, discharged entirely by the issue of Metamorph shares.