Liverpool city region legal group MAPD Ventures reports a big rise in revenues to £33.7m but widening losses and says it has now reached a ‘critical mass’ as it expands across the UK. Tony McDonough reports

Liverpool city region legal group MAPD Ventures is continuing to work on a multi-million pound refinancing package as it pushes forward with its UK-wide expansion strategy.

And the Wirral-based business, which includes well known local legal names Jackson Lees Group and Bermans, said the scale of its ambitions mean it may take on further debt or seek private equity backing.

MAPD was set up in 2019 by Brian Cullen and Joanna Kingston-Davies. Mr Cullen has a 60% controlling stake in the business. Its registered address is Hoylake in Wirral. It now operates 11 brands across 15 offices employing more than 550 people.

In its latest annual accounts, posted on Companies House, the company is reporting annual revenues of £33.7m for the 12 months to May 31, 2024. This is almost 50% higher than the previous year.

However, it is also reporting widening pre-tax losses of £2.6m, a big rise from losses of £714,343 in the previous year. In the report Joanna Kingston-Davies said the group had incurred “significant one-off costs in support of its refinancing activity”.

In a statement to LBN MAPD added: “The reported pre-tax loss reflects one-off planned costs associated with a strategic refinancing process designed to support MAPD’s long-term growth. These costs are non-recurring and position the group for a stronger future.”

Jackson Lees and Bermans have separately reported their own results for the same accounting period. The former founded in 2016 following the merger of three of the city’s best-known practices, Lees Solicitors, Jackson Canter and Broudie Solicitors.

Its revenues were down slightly to £14.1m, from £14.3m in the previous year. Pre-tax profits fell from £648,000 to just £1,566.

Bermans, which operates out of offices in Liverpool and Manchester saw revenues rise to £7.8m from £7.3m in the previous year. Pre-tax profits fell to just over £1m from £1.6m. It said it saw a number of people leave following the MAPD takeover but added they had now been replaced.

Joanna Kingston-Davies said in the MAPD report: “The group continued to trade profitably during 2024, turnover increasing by 48.3% during the year to May 2024. In arriving at EBITDA the group has incurred significant one-off costs in support of its refinancing activity.

“The business has also invested heavily in its central functions to provide both the necessary support required across the group and the resources to support its future acquisition plans.

“During the year to May 2024, the group acquired Avidity IP, a European and UK patent attorney specialising in life sciences and medical technologies.

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“Since the acquisition Avidity has not performed to plan, business activity declining sharply within three months of the completion of the acquisition.

“A series of corrective actions have been taken and we have recently recruited a senior sector specialist to lead the turnaround of the business.”

In addition MAPD told LBN the operational changes to Avidity are now complete and the business “remains an important part of our growth plans”.

In the report Joanna added: “In addition to the acquisitions, the business continues to hold discussions with a strong pipeline of both large standalone and smaller bolt-on acquisition opportunities.”