Tue, 18 Jun 2024 | BUSINESS NEWS
Fletchers Group, a private equity-backed medical negligence and personal injury law firm, has agreed a new refinancing deal. The deal with Pemberton will provide the company with a long-term loan, which will be used to settle current bank, vendor and acquisition loans and provide a fund for future acquisitions.
Fletchers Group was founded in 1987 and specialises in serious injury, medical negligence law and motorcycle accidents. The company has offices in Manchester, Liverpool, Leeds, Bolton and Southport and currently employs more than 900 people.
In 2021, the group was acquired by an affiliate of Sun European Partners. At the time, the company employed around 450 staff and had revenue of approximately £34 million. Following a significant period of growth since then, the company is poised to hit £100 million in revenue by the end of this financial year.
Alex Lynch, Fletchers’ Chief Financial Officer, said that the refinancing would help the group to drive medium term growth as it seeks to extend its position as a leader in the serious injury and clinical negligence markets.
She continued: "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."
"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."
Lynch added: "When Sun European affiliates invested in Fletchers in October 2021, we had approximately 450 people and revenue of £34m. 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."
Pemberton Managing Director – Origination Cassandra Fahy said that Fletchers had “made a compelling investment case” and added that the group “has delivered impressive growth over a period of regulatory and market change and is now well placed to capitalise on their leading position in a market where technology and scale are key differentiators."
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