Liverpool SME funder River Capital backs management buyout of 48-year-old Crosby law firm with six-figure loan and new jobs are in the pipeline. Tony McDonough reports
Law firm directors Richard Entwistle and Shoab Panwar have secured a six-figure loan from River Capital to complete a management buyout of the business.
Black Norman Solicitors in Crosby was founded in 1976 and has established a reputation in property and private client work. Founding partner Howard Norman is selling his shares to Richard and Shoab and will retain a consultancy role.
Liverpool SME funder River Capital has provided the loan, for an undisclosed sum, from the NW Business Growth Loan Fund, which it manages. This fund provides debt funding between £100,000 and £500,000 to North West SMEs.
The value of the MBO was also undisclosed. Companies House documents show Black Norman had net assets of £178,592 as of March 31, 2024.
Richard Entwistle said: “We’re grateful for River Capital’s support during this pivotal moment for our firm.
“This funding allows us to implement our succession plan while positioning the business for future expansion that includes incorporating new talent to lead the business in the future.
“It’s an exciting time for Black Norman Solicitors as we build on our strong foundation and look towards new opportunities.”
READ MORE: River Capital expands and opens new office
READ MORE: New identity for Liverpool city region angel network
Black Norman will also use the loan to provide working capital to support future growth and expansion plans. It currently employs 30 people and plans to create five new full-time jobs over the coming years.
Shoab Panwar added: “This investment from River Capital is a vote of confidence in our business model and our plans for the future. It will allow us to continue providing high-quality legal services to our clients while also investing in our team and infrastructure.”
Jim Moore, investment manager at River Capital, also said: “We’re pleased to support Black Norman Solicitors in this important transition.
“The firm has a strong track record spanning nearly five decades, and this funding will help ensure its continued success under the next generation of leadership.”