12th January 2016
Armstrong Watson’s specialist legal sector team are celebrating with their client after the successful completion of the acquisition of Pryers LLP, a firm of solicitors based in York, by Pure Legal Limited.
The team of MSI’s Northern UK accounting member Armstrong Watson acted as advisers to Pryers LLP throughout the deal, ensuring due diligence requirements were met, providing commercial and tax advice and supporting the firm throughout the process. The deal was concluded for consideration of £13m, with an initial cash payment, and the balance paid out over a period of time, with the current management team remaining in place for a minimum period of 3 years.
Pryers LLP Managing Partner, Ian Pryer, said, “Having faced a number of approaches from law firms and companies over the years to acquire Pryers, it was important for us to wait patiently for the right opportunity with the right company to forge ahead with. Pure Legal undoubtedly presents that opportunity and I am delighted to get this deal over the line and I look forward to working with Phil and his team.”
“Thanks to our Accountant, Andy Poole and his team from Armstrong Watson, for their diligent work. We were genuinely impressed with their advice and representation. Thanks also to our lawyer, Nicholas Fielden from FMGS”.
PURE Legal Limited CEO, Phil Hodgkinson, said, “This is our first major acquisition and forms an integral part of our future strategy. Clinical Negligence and Product Liability are both areas of work in which we wish to expand, and Pryers LLP are considered one of the top firms in the UK who specialise in these areas of work”.
“It is important when creating an ABS that you learn from mistakes made by others. Our strategy is to acquire and collaborate with firms who have the necessary skill sets and experience in areas of legal work we wish to expand into and to couple that with organic growth as we deliver our initial 5 year plan”.
“Pryers LLP is an extremely well run and well respected business, with an outstanding management team and staff. We are excited to have been able to both acquire and now work with such a well-respected and efficient business and we will now put in place our growth plans with immediate effect”.
Armstrong Watson has been advising and protecting clients across the North of England and Scotland since 1867. With 16 regional offices from Glasgow to Leeds, 38 partners and over 400 colleagues, we’re focused enough to provide a truly tailored service and large and experienced enough to work alongside any size of business, delivering a complete remit of services equal to top tier firms.
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