Weightmans employs 1,200 people and also has offices in London, Manchester, Birmingham, Glasgow, Leeds and Leicester and Lloyds is providing the cash for further expansion. Tony McDonough reports
Liverpool law firm Weightmans has secured £17m of debt funding from its bankers as it looks to expand its UK office network and create new jobs.
Based in the Plaza in Old Hall Street, Weightmans employs 1,200 people and also has offices in London, Manchester, Birmingham, Glasgow, Leeds and Leicester. Lloyds Bank Commercial Banking is providing the new facility.
Now a top 45 law firm, Weightmans has embarked on a sustained period of expansion over the past 12 months and the £17m will give it a war chest to implement a plan for a further three years of growth.
In May 2018, the firm announced a record revenue of £97.1m, up 3% on the previous year – its first annual financial results since the introduction of its new structure and strategy in May 2017.
Over the last financial year, Weightmans has invested in its offices, technology and people, consolidating three offices in the South East and two in Manchester into new London and Manchester bases respectively.
In July, Weightmans also completed a full refurbishment of its office in Birmingham city centre, which included implementing a new technology system and agile working scheme for staff.
Bob Granger, group finance director at Weightmans, said: “Following the successful move to a new strategy and firm-wide structure, we are continuing to see some fantastic growth opportunities.
“Investing in new technology, our office network and staff development, remain central to our approach to delivering excellent client service. The team at Lloyds Bank took the time to get to know our business and they were able to arrange a funding package that is tailored to helping us meet these objectives.”
Paul Stanley, relationship director at Lloyds Bank Commercial Banking, added: “As the recent investment in the office network shows, Weightmans is an ambitious firm that is looking to grow its market share across the UK. By working closely with the management team we’ve been able to arrange a tailored funding package.”