Personal injury legal specialists secure acquisition finance funding
Specialist personal injury and medical negligence practice Neil Hudgell Solicitors has secured an acquisition finance package to help fund its acquisition programme. Sheffield based Corporate Finance Specialists, Castle Square Corporate Finance, advised the company on its fundraising as Lead advisor, running a structured process from which HSBC emerged as the preferred funding partner. Director, Kevan Shaw led the transaction.
Neil Hudgell Solicitors has offices in Hull, Leeds and Solihull and specialises in claims for personal injury and clinical negligence, particularly brain injury and dental negligence cases. The company has made 14 cquisitions in the past two years, including the outright purchase of four legal practices and the acquisition of caseloads from others. Earlier this month, the business completed a deal, worth £1 million, with QualitySolicitors Lockings, the third acquisition from members of the QualitySolicitors network.
To support its growth strategy the firm has moved its full business banking to HSBC’s South Yorkshire Commercial team in a deal led by Senior Commercial Manager Chris Alsop. The finance package includes the refinancing of existing debt with the company’s previous bank and new finance to support acquisitions.
Kevan Shaw, Director at Castle Square said, “We are delighted to have advised one of Yorkshire’s fastest growing businesses in raising the necessary finance to continue its expansion. The company was started by Neil Hudgell 15 years ago and he remains the Managing Director and major shareholder of the business. He said: “Whilst many lawyers are exiting personal injury and medical negligence practice at the moment, we have a strategy for growth, both organic and through acquisition, in this area of work.
The structured finance package will support us in this area and gives us the capacity to accelerate the growth of the business”.
Chris Alsop, HSBC Senior Commercial Manager added, “Neil’s business has experienced phenomenal growth but it is clear there is room for further expansion in its field. We have developed a strong understanding of companies operating in this area of the law and were able to work with the firm to structure a finance package that met its needs.”
Philip Jordan of Ward Hadaway Solicitors has acted on behalf of Neil Hudgell throughout the process of switching their banking