BGF invests in McMillan Williams Solicitors
McMillan Williams Solicitors (MW), a consumer focused high street law firm, today announced that it is set to expand following investment from BGF (Business Growth Fund), a leading growth capital investor. MW simultaneously executed an ABS, transferred the Partnership to a Limited Company, and then opened the firm’s new Central London flagship office at London Bridge.
BGF, the independent company established to help Britain’s growing businesses, has invested £5m of equity into McMillan Williams in exchange for a minority stake in the company.
Founded in 1983, MW has grown from several high street branches, predominantly in and around south London and the South East, to 20 today. MW services clients throughout South, West and Central London, Kent, Sussex, and also has offices in Bath and Devon. Billing has increased nearly 70% over the past three years and the business is on track to turnover £17m in the year ending April 2015. The company had 25% Legal Aid income in FY2014, making it the largest Legal Aid firm to attract external investment.
MW operates a number of practice areas in the consumer legal services sector including conveyancing, clinical negligence, personal injury, civil and criminal litigation, family law and wills, trusts and estates work.
BGF’s investment will fund the opening of a further eight offices in London and the South East over the next 2 years and the recruitment of approximately 75 new solicitors and additional legal staff across the firm. Other practice areas already being developed include commercial conveyancing, mental health, financial claims on divorce and civil litigation.
MW is led by founding Partner John McMillan, CEO Colum Smith and 20 other partners.
Dr Godfrey Ainsworth, MW chairman, said: “BGF are the perfect investor for our business. They will, I am sure, be excellent partners given their proven experience and track record in enabling ambitious, growth-oriented British businesses to fulfil their expansion plans.”
David Riddle, commercial director, MW, said: “We are very excited for our clients and our own people in attracting investment from BGF; we will now be able to offer our unique mix of high-quality private and public services in even more locations.”
Erin Hallock, senior investment manager, BGF, who joins the board of McMillan Williams, said: “The management team has successfully grown the practice from five high street branches in 1995 to 20 today and has achieved strong and consistent revenue and profit growth over the last five years. BGF can add real financial support and guidance to support management in their plan to open new sites in London and the South East. Their roll-out strategy is proven and future expansion therefore is eminently achievable. We look forward to working with Colum, John and the wider MW team.”
MW are nominated for two further industry awards. This year’s Modern Claims Awards will recognise MW for ‘best lawyer’ in Richard White, whose recent work improved the rights of adopted children, and for ‘best marketing campaign’ for their impressive outdoor ‘justice is a birthright’ campaign.
(Pictured – Colum Smith, chief executive of McMillan Williams Solicitors Ltd)
