Bristol family law practice firm Foster & Partners has been taken over by national consumer debt services group Fairpoint in a cash deal worth £400,000 and will now operate under the Simpson Millar brand.
Founded in 1976, Fosters has nine lawyers operating from a city centre office in Corn Street. It specialises in all aspects of family law from relationship breakdowns, finance and property to disputes about children and cases of domestic abuse or injury.
The takeover is the latest in a string of moves that are transforming Bristol’s legal market. Fosters said it has ambitions to be the leading provider of family law services in the city and across the South West and has promises further expansion as part of the 11-office Simpson Millar chain.
Fast-growing Fairpoint only completed its acquisition of Leeds-based Simpson Millar last month. The group, which is quoted on the London Stock Exchange’s AIM market, is paying for Fosters on deferred terms over a two-year period. It said it expects the transaction to be earnings enhancing.
In the year to December 2013, Fosters generated revenues of £1.2m. The Bristol office of accountancy and investment management group Smith & Williamson advised Fosters.
Partner Paul Foster, whose father founded the practice; said: “At a difficult time in their life our clients expect the highest level of service and support from a solicitor who genuinely cares about them. We know Simpson Millar shares these values and we are delighted and proud to join forces with its team. We have no doubt the nationwide reach, breadth of experience and resources that Simpson Millar brings will benefit all our clients.”
His views were echoed by Simpson Millar’s head of family law Emma Pearmaine, who said the deal created “a formidable partnership that will help establish a strong footprint in the region and deliver even more comprehensive legal solutions to clients”.
Simpson Millar managing director Peter Watson said: “Fosters is an excellent fit for our business. We have developed a very positive reputation in the legal sector for the manner in which we have conducted our consolidation activities and in step with our stated strategy as part of Fairpoint Group, we will be pursuing further strategic acquisitions in the near future.”
Fairpoint chief executive Chris Moat added: “Following on from Fairpoint’s acquisition of Simpson Millar in June, I’m pleased that we have already taken the next step towards fulfilling our strategy of consolidation within the legal services marketplace.
“Fosters will strengthen Simpson Millar’s footprint in the South West and substantially strengthen its family law team.”
Simpson Millar, which will combine Fosters with its existing Bristol office at Temple Quay, had made three acquisitions of its own before being bought by Fairpoint for £15m. The firm has long-standing associations with membership organisations such as trade unions.
Smith & Williamson’s professional practices group based in Bristol provided tax and accountancy advice to Fosters.
Paul Foster said: “We are grateful to Ian Cooper and his team at Smith & Williamson for their commercial advice and insight. The firm provided us with practical advice on the accountancy and tax aspects of the transaction and helped to bring all the parties together to ensure a smooth and efficient process.”
Partner and head of the professional practices group at Smith & Williamson’s Bristol office, Ian Cooper, added: “It was a pleasure to advise such a long-standing and well-respected Bristol firm and we wish them every success as they continue to provide high-quality family law services at Simpson Millar.”
Pictured, from left: John Pratley, Emma Costin, Greg Moss, Emma Pearmaine and Paul Foster
