Simpson Millar has been bought by Fairpoint Group, a debt management solution provider.
The deal will see Simpson Millar continue to be run by its current management team, using its existing trading brand.
Peter Watson, managing partner at Simpson Millar said that takeover was excellent news for the firm and its clients.
“The synergies between ourselves and Fairpoint Group will enable Simpson Millar to expand and grow its footprint while supporting long established links and relationships upon which the firm has built its reputation,” he said.
“This is an investment in growth and a commitment to help us realise our existing long term strategy.
“With the support of Fairpoint, we are able to expand significantly the numbers of products and services on offer from a portfolio that is already highly complementary. Meanwhile the firm can approach discussions with potential new partners armed with the added incentive that Simpson Millar is now part of a diversified financial and legal services business.”
Chris Moat, chief executive officer of Fairpoint Group, said the company identified the diversification benefits offered by new rules allowing non-law firms to own legal services businesses via Alternative Business Structure Licences some time ago.
"Fairpoint has spent a considerable amount of time finding the right partner and I would like to thank our search agent Jepson Holt in helping us to achieve that goal and Zoe Holland, Managing Director of Manchester-based Zebra Legal Consulting who provided Fairpoint with technical legal due diligence.
"Our gratitude also goes to Peter Watson, Craig Jones and Anthony Elston at Simpson Millar who have implemented the firm’s strategy so expertly to this point," he added.