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Wesleyan makes the case for leading West Yorkshire Solicitors

Wesleyan makes the case for leading West Yorkshire Solicitors

Williams & Co to focus on strategic growth with support from Wesleyan finance.

The Business

Partner Jeremy Garside is an experienced litigator and a well respected practising solicitor. Having decided to leave a previous law firm where he had worked at for 30 years, Jeremy and two former colleagues wanted to acquire a local legal practice.Together they identified Williams & Co whose principal, Peter Williams, was looking to retire.

Williams & Co is a long established practice situated in Cleckheaton. The firm specialised in all aspects of commercial and residential property to business and individuals, as well as providing private client services.

The Challenge

With ambitions to grow quickly from a stable footing, Jeremy sought financial support to assist with the purchase of the existing practice. This was in preference to setting up a new firm which could potentially take several months to gain approval from the SRA.

Jeremy explains, “Setting up a new firm from scratch takes considerable time and effort. It would have meant submitting an application to the SRA and taking out professional indemnity insurance and other related matters. It is also harder for a new business to secure funding.

“We therefore sought a business with a ready-made income stream to quickly realise our ambitions. Williams & Co was founded in 1987 and has a good reputation in the district so we were immediately attracted by its strong potential for growth.”

The Solution

Wesleyan was the obvious choice to help with the major costs involved in a business acquisition. The company had cemented a longstanding relationship with Jeremy having supported him at hi previous law firm and has over 175 years’ experience in providing specific financial solutions to professional practices.

Wesleyan provided the necessary funding to purchase Williams & Co over a fixed, long-term period at a competitive rate. Private equity loans were also secured to bolster the significant working capital already invested by Jeremy and the partners in order to provide further funds to grow the business.

“I have enjoyed excellent service from one point of contact at Wesleyan for ten years and this experience was no different. We only made the decision to leave our previous firm at the beginning of December and the whole transaction was completed by the end of January. It was a very, very smooth process and all the more impressive given that the Christmas period fell in the middle.” commented Jeremy.

The results and benefits

Thanks to Wesleyan’s finance and the working capital put in by Jeremy and the partners, Williams & Co now has peace of mind to focus on strategic growth by future expanding into additional office space in Wakefield.

“The days when practices were funded by way of bank overdrafts ended following the financial crisis in 2008. Wesleyan has given us the flexibility to take funding outside of the practice’s bank which allows us to maintain some financial independence. Being properly funded for a fixed period of time has helped to increase cash flow and will ultimately ensure the business is debt free,” says Jeremy.

Wesleyan will also be financing investment in new cloud-based technology and related IT hardware which can be quickly deployed and easily scaled up or down depending on the firm’s requirements.

The practise and case management software will assist Williams & Co’s solicitors to improve efficiency by reducing time spent on administration and handling paper-based documents.

“We have ambitious plans for the business over the next few years so our ability to access the latest cloud technologies will play a key part in assisting us to continually improve our services to clients. With Wesleyan’s flexible and tailored IT finance solutions we can quickly get the technology we need today and in the future,” he adds.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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