ZebraLC Advises Pure Legal in Pryers Deal
ZebraLC™ is once again at the forefront of developments in the legal sector, having advised on the acquisition of Pryers Solicitors LLP by Pure Legal Limited.
ZebraLC was an integral part of the due diligence process with the project being headed by Vicki Acres, Head of Technical, ZebraLC. “Vicki and the team worked to tight deadlines in what was a highly confidential deal. We are delighted to have been part of yet another high profile acquisition in the legal sector,” Zoe Holland, Managing Director, ZebraLC.
The deal was concluded for consideration of £13m in cash, with an initial cash payment, and the balance paid out over a period of time, with the current management team remaining in place for a minimum period of 3 years.
PURE Legal Limited CEO, Phil Hodgkinson, said, “This is our first major acquisition and forms an integral part of our future strategy. Clinical Negligence and Product Liability are both areas of work in which we wish to expand, and Pryers LLP are considered one of the top firms in the UK who specialise in these areas of work”
“It is important when creating an ABS that you learn from mistakes made by others. Our strategy is to acquire and collaborate with firms who have the necessary skill sets and experience in areas of legal work we wish to expand into and to couple that with organic growth as we deliver our initial 5 year plan”
“Pryers LLP is an extremely well run and well respected business, with an outstanding management team and staff. We are excited to have been able to both acquire and now work with such a well-respected and efficient business and we will now put in place our growth plans with immediate effect”
“We have developed a 5 year business plan, which takes into account the financial effect that fixed fees will have on income in Clinical Negligence and, in our opinion, we are still left with an incredibly profitable business; we see these changes as an opportunity, not a hindrance”
“I would like to place on record my sincere thanks to our accountants, Wilson Henry, in particular David Kirby, along with our Corporate Lawyers, O’Connors LLP, for their hard work and diligence in bringing this deal together, along with Zoe Holland and the team at ZebraLC for their Audit work on the deal”
Pryers LLP Managing Partner, Ian Pryer, said, “Having faced a number of approaches from law firms and companies over the years to acquire Pryers, it was important for us to wait patiently for the right opportunity with the right company to forge ahead with. Pure Legal undoubtedly presents that opportunity and I am delighted to get this deal over the line and I look forward to working with Phil and his team.”
“We will continue to build and expand our key areas of clinical negligence and product liability under the stewardship of Pure Legal and, in spite of the Government’s attempts to limit the rights of injured people to claim redress, we will continue to fight on behalf of Claimants under the Pure Banner as we have done for many years.”
“Thanks to our Lawyer, Nicholas Fielden from FMGS, and our Accountant, Andy Poole from Armstrong Watson, for their diligent work on this deal.”