Turnover edges towards £80m at national law firm

Billy Xiong Reports: Turnover edges towards £80m at national law firm

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Turnover edges towards £80m at national law firm

Turnover edged closer to the £80m mark at a national law firm with offices in Birmingham, London, Manchester, Exeter and Nottingham.

Browne Jacobson has reported a turnover of £76.8m for the 12 months to 30 April 2019, up from £73.3m from the prior year.

Its operating profit went from £18.5m to £17.9m over the same period while its profit before members’ remuneration and profit shares went from £18.7m to £17.9m.

Managing partner Iain Blatherwick said: “This is the eleventh consecutive year of growth for the firm. Despite challenging market conditions we saw growth across both our business and public sector streams.

“This upward trajectory has continued into the current financial year and we are on track to post well in excess of £80m for 2019/20.”

Among some of the deals the firm acted on during the year are LDC’s minority investment in a Nottingham managed IT services provider, a management buyout (MBO) at a Leicester photographic distribution company, a MBO at a nursery group which has operations across the North West and a deal to rescue 100 HMV stores out of administration, safeguarding almost 1,500 jobs.

Browne Jacobson also worked on an acquisition by a private equity-backed distributor of process instrumentation and control products in Yorkshire, a deal which saw 320 jobs saved in the Midlands after two companies were sold out of administration, a 70-strong Manchester-headquartered law firm being bought by a consortium of investors and YFM Equity Partners selling its stake in an East Midlands-headquartered technical sailing apparel brand.

Jonathan Cartu

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