Acquisition of Foster & Partners

RNS Number : 9676K

Fairpoint Group PLC

01 July 2014

 



Fairpoint Group plc

Acquisition of Foster and Partners

Fairpoint Group Plc ("Fairpoint" or the "Group"), one of the UK's leading providers of consumer professional services including debt solutions and legal services, is pleased to announce the acquisition of Foster and Partners ("Fosters"). Fosters, based in Bristol, is a law practice specialising in all aspects of family law, from relationship breakdowns, finance and property to disputes about children and cases of domestic abuse or injury.

The acquisition is in line with the Group's stated commitment to a programme of consolidation in the legal service marketplace following the completion of the acquisition of Simpson Millar LLP on 17 June 2014. This acquisition represents the commencement of that strategy and strengthens Simpson Millar's family law presence in the South West of England.

Terms of the Acquisition

The acquisition of Fosters has been satisfied by cash consideration of up to £0.4 million, payable on deferred terms over a two year period. In the year to December 2013, Fosters generated revenues of £1.2 million.

The Board expects the transaction to be earnings enhancing.

Chris Moat, Chief Executive Officer, said:

"Following on from Fairpoint's acquisition of Simpson Millar in June, I'm pleased that we have already taken the next step towards fulfilling our strategy of consolidation within the legal services marketplace. Fosters will strengthen Simpson Millar's footprint in the South West and substantially strengthen its family law team."

Enquiries please contact:

Fairpoint Group Plc                                                                                                   

Chris Moat, Chief Executive Officer                                                                               0845 296 0100

John Gittins, Group Finance Director

Shore Capital (Nomad and Broker)                                                                                                                     

Pascal Keane                                                                                                             020 7408 4090

Edward Mansfield

MHP Communications                                                                                              

Reg Hoare                                                                                                                  020 3128 8100

Katie Hunt

Ben Griffiths

Notes to editors:

Fairpoint Group plc is an AIM quoted consumer financial services business focused on serving financially stressed consumers. Our business is structured into the following primary business lines in order to serve the needs of this consumer group:

1.         Individual Voluntary Arrangements (IVAs)

2.         Debt Management Plans (DMPs)

3.         Claims Management

www.fairpoint.co.uk

Simpson MillarLLP successfully represents the rights of individuals and their families via a network of 11 regional UK offices and through their long-standing association with membership organisations such as trade unions. Simpson Millar was the first ever UK law firm to obtain Lexcel Accreditation from the Law Society and, more recently, the first to obtain the Diversity in Business Accreditation.

www.simpsonmillar.co.uk         

 

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