Firm spends millions on acquisitions as owners pour in cash
Fletchers says private equity owners want to re-invest every penny as they approach five years in charge.
One of the flagship private equity-owned law firms spent millions more on acquisition costs in the last year as the business continued its rapid growth, newly-published accounts reveal.
- Fletchers Solicitors Limited spent £6 million on acquiring the personal injury division of national firm Shoosmiths.
- A further payment of £6m was deferred until a later date.
- The company also acquired the trade and assets of Cheshire firm Scott Rees & Co for almost £5m, including £2m cash upfront and £2.7m in deferred payments.
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Author's summary: Fletchers spent millions on acquisitions.