Express Solicitors has secured working capital and development finance of £3.5m from RBS Corporate after a record fee income performance in 2011.
The capital has already helped the firm to fund the recruitment of 40 new employees, including 20 fee earners, over the last 12 months to help the firm meet its strategic aim of doubling the number of cases handled over the next three years. The firm has also added to its management team, support team and new client team, taking the total number of employees at Express Solicitors from 80 to 120. As part of its expansion plans, it has also promoted partner Daniel Slade to equity partner alongside managing partner James Maxey and senior partner Robin Patey.
To help the firm increase market share and become one of the UK’s market leaders in the personal injury arena, Express Solicitors have allocated £1m of the funding to new property and £1.5m to marketing.
With an ambitious growth strategy, the firm plans to achieve a £10m turnover within three to four years while retaining a focus on quality, customer service and achieving the best results possible for clients.
The £3.5m funding package was provided by business development director on the RBS Corporate Transactions Team Kate Grimoldby and senior relationship manager at RBS Corporate Manchester Steve Taylor.
Steve Taylor commented: “We’re delighted to provide support to Express Solicitors, which is a long standing customer. The partners have worked hard to establish and grow the firm in a competitive market and we look forward to working with them in the future.”
Senior partner at Express Solicitors, Robin Patey said: “The ongoing support we’ve been given by RBS is fantastic. The decision to make this multi-million pound investment follows changes in law firm ownership rules that will inevitably lead to the consolidation of smaller firms. However, with strong year-on-year growth since the firm was launched and an outstanding 2011, despite the economic downturn, we decided to expand the firm rather than consolidate.
“There will be significant job creation right across the board and we have already started an aggressive recruitment campaign as we seek to find the right people to help us grow. Our key asset is our staff, including a strong management team and expert lawyers who are committed to achieving excellent results for clients.”