Today, the SRA announced it has authorised an ABS (Alternative Business Structure) licence for Minster Law Solicitors, a York and Wakefield based company with 800 employees. Minster Law is a top 35 law firm, and one of the leading personal injury specialists in the UK, with an annual fee income of £107m.
The ABS application, made in January 2012, will allow the sale of the company to the BGL Group, one of the UK’s leading insurance intermediaries. This will be the largest outright sale of a law firm to date.
Adrian Christmas, Chairman of Minster Law, commented: “As one of the most complex ABS applications that the SRA has had to manage, it has been, appropriately, the subject of a thorough review. Having worked closely with the SRA, we have been impressed by the rigorous and professional approach it has taken in handling this important process.
“BGL Group and Minster Law have worked closely together for a number of years. The acquisition of Minster Law will enable our partnership to develop further and allow us to strengthen the market leading service we provide to our customers.”
Commenting for the SRA, Samantha Barrass, Executive Director said: “We are delighted to license Minster Law Solicitors as an ABS. Minster Law showed early interest in applying to become an ABS and it has been necessary for the process to involve a very detailed consideration of Minster Law’s application as it has a complex ownership structure. The working relationship between the firm and the SRA throughout this exercise has been wholly constructive. This level of engagement has helped us hone our processes so that we are better able to advise applicants with similarly complex structures.”
About BGL Group
The BGL Group was founded in 1992 and has grown to become one of the UK’s leading personal lines insurance groups.
The BGL Group has 4.6 million customers and operates major contact centre operations (Fusion) in Peterborough, Coventry and Sunderland. Headquartered in Peterborough, the Group currently employs more than 2,400 people. 2012 saw the Group enjoy another year of record profits, delivering a 22 per cent growth to £88m.
In October 2012 the Group was ranked 69th in the Sunday Times Top Track 250 of Britain’s 250 biggest mid-market private companies by latest sales.
BISL Ltd, part of the BGL Group, is authorised and regulated by the Financial Conduct Authority. Registered Address: Pegasus House, Bakewell Road, Orton Southgate, PE2 6YS. Registered in England no 3231094subscribe to my RSS feed!