Liverpool city region law firm Fletchers Group agrees new re-financing deal and targets annual revenues of £150m and more than 500 new jobs. Tony McDonough reports

Specialist clinical negligence law firm Fletchers Group says it is looking to push annual revenues up to £150m and headcount to 1,500.

Southport-based Fletchers Group currently employs more than 900 people and also has offices in Liverpool, Manchester Leeds, Bolton and Cambridge. It is a UK market leader in clinical negligence and personal injury cases.

This week it has announced it has agreed a new re-financing deal which will equip the business for the next stage of growth. However, the firm has declined to reveal the value of the agreement.

In May LBN revealed that Fletchers had posted annual revenues of £43m for the 12 months to April 2023. Pre-tax profits hit £2.1m, compared to a £200,000 loss in the previous year.

Founded in 1987, Fletchers Group specialises in serious injury, medical negligence law and motorbike accidents. It was acquired by an affiliate of private equity outfit Sun European Partners in 2021.

This re-financing deal is provided by European asset manager Pemberton which is backed by Legal & General. Fletchers chief financial officer Alex Lynch said it will support Fletchers in driving growth in the medium term.

“Our sights are set firmly on reaching our medium-term target of achieving £150m in revenue with a team of 1,500 colleagues, and this new agreement, signed with Pemberton, is an important step in that direction,” she added.

“As well as consolidating all our debt under one group facility, Pemberton will also provide an acquisition fund to support our inorganic growth strategy and enable us to move quickly to fulfil our pipeline opportunities.”

She said that Fletchers will continue to partner with RBS, the group’s bankers for more than 20 years. It will provide working capital via a revolving credit facility to support their continuing investment in growing their WIP book.

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“When Sun European affiliates invested in Fletchers in October 2021, we had approximately 450 people and revenue of £34m,” Alex said.

“Now, with Blume, Cycle SOS, Minton Morill and Serious Injury Law in the Group portfolio, we will hire our 1,000th colleague and break £100m in revenues by the end of this financial year.”

For the transaction, Fletchers was advised by Rothschild, PWC, EY and Addleshaw Goddard.