£60m package to support Irwin Mitchell growth
02 April 2014
Sheffield law firm Irwin Mitchell has secured a £60m four-year finance package with three UK banks to fund its growth plans.
The package, which also includes a £30m 'accordion' facility for further finance if required, has been agreed with HSBC, Lloyds Bank Commercial Banking and Royal Bank of Scotland.
The firm hopes to build on its record-breaking 2012/13 financial performance when it reported income of more than £200m for the first time.
Group chief executive John Pickering welcomed the funding deal, describing it as a clear show of support from the firm's banking partners and a demonstration of Irwin Mitchell's strong financial position at a difficult time for other parts of the legal sector.
The announcement comes after an 18 month period in which Irwin Mitchell became the first multiple-licensed ABS in the UK, completed five aquisitions, announced it would open its ninth regional office in Southampton in April and recruited more than 30 experts into partner-level positions across its business.
"Our investment to date in acquisitions and recruitment has been a real signal of our intention to take advantage of the right opportunities when they arise," said Pickering.
"We will continue to seek out those opportunities and we are grateful to our banking partners for the considerable support they have shown us with this package."
His comments were echoed by the company' snew chief financial officer Andrew Merrick, who joined Irwin Mitchell in April 2013 from airline and logistics firm Dart Group.
Merrick said: "This is a very strong vote of confidence from our bankers, who are supportive of the clear strategy we have in place to grow Irwin Mitchell into an even more significant presence in the legal marketplace."