Azzurro’s agreed acquisition creates Solaris Law
Azzurro Associates is launching a new business – Solaris Law – and creating one of the largest consumer and commercial collections and legal debt recovery businesses in the UK.
The launch follows the agreed acquisition by Azzurro of Equivo’s Legal Services division and Shoosmiths’ Business-to-Business Recoveries division. Completion will take place as soon as regulatory approvals are obtained.
The two teams will come together with Solaris Law staff to create a new specialist law firm focussed on market leading consumer and business/commercial debt recovery. It will initially employ more than 150 staff across three sites. Equivo’s Field Team and High Court Enforcement Business will not form part of the new business, and will continue to operate under the Equivo brand with CEO, John Ingram.
As well as creating a new business with more than 100 years’ combined consumer credit recoveries and commercial credit management expertise, Solaris Law will re-unite some of the sector’s most highly respected industry leaders: Karen Bulgarelli, Mel Chell and Jim Taylor.
Karen and Mel will lead the new organisation as joint chief executive officers, taking advantage of Karen’s commercial credit skills and Mel’s specialism in the management of asset-based lending and motor finance. Jim will act as an advisor to the business in managing its secured and unsecured consumer lending clients. All three worked together previously at Shoosmiths.
As Co-CEOs, Karen and Mel have a shared vision to create better outcomes for all: “We share a single-minded focus on developing Solaris Law into a diverse, market-leading recoveries business, built on a data-driven, customer focused recoveries strategy that leads to good customer outcomes and in turn gives our clients a better service,” Karen explains.
Mel says the business will be unique in providing complete service lines across the full credit lifecycle: “From early and live collections and recoveries to litigation and beyond, our teams will be able to deliver the full suite of services for creditors working across both consumer and commercial lending, secured and unsecured, and led by true sector experts and experienced legal professionals.”
Upon the transition of the existing Equivo and Shoosmiths teams to the new business, client contacts will be maintained to ensure the highest levels of service continue. The case management platform is common across all parties, and further investment in additional systems and infrastructure is planned.
Andrew Birkwood, founder of the Azzurro Group, says the combined teams will be able to deliver significant economies of scale: “With the strength, agility and investment from the Azzurro Group, we have the appetite and the ability to build an even more formidable data-driven business in the recoveries space with a first-class, highly collaborative leadership team with a shared vision, and total alignment of culture and values.”
The Azzurro Group is regulated by both the Financial Conduct Authority and the Solicitors Regulation Authority. Azzurro was also the first non-lender to sign up to the Lending Standards Board’s Code for Business Standards.