A national firm says it will use its new £12m banking facility to fund potential acquisitions.
HF (Horwich Farrelly) says it will continue to grow staff numbers after reaching a headcount of 800 in the last year.
The funding package was agreed with NatWest Group which cited the firm’s commitment to technology and innovation for offering its financial backing.
HF has now pledged to go on an ‘acquisition drive’.
Ronan McCann, chief executive and managing partner, said: ‘Two years ago, we set out our strategy to get to £100m turnover in three to five years and two years in, we’re on target.
‘This additional funding will help fast-track that growth with numerous targeted conversations ongoing. HF is growing, with many joining in recent months. Our growth and unique culture within the legal sector make us a destination employer so we will definitely continue recruiting the best people in the market with many to join in the coming months.’
The firm is headquartered in the north west but operates from 11 offices. Its most recent accounts, covering the year ended 31 December 2022, recorded that profit before tax was around £2.3m. The business posted profit before tax of £1.3m for the seven-month period ending 31 December 2021.
The group had seen an overall cash reduction due to payments to former and retiring partners, investment in a new finance and IT system, moving headquarters to a new office in Manchester and opening a new operation in Ireland. Revenue had increased more than 45% to £44m and HF says that revenue for 2023 is likely to have grown again to £51m.
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