Fairpoint Group is to acquire the trade and assets of Colemans-CTTS LLP, CT Support Services Limited and the entire ordinary share capital of Holiday TravelWatch Limited (together referred to as “Colemans”), a consumer legal services business for an initial consideration of GBP9.0 million payable in cash and shares.
The Acquisition is expected to be immediately earnings enhancing on an adjusted basis.
Chris Moat, Chief Executive Officer, says: “The acquisition of Colemans is an important step in the development of the Group’s fast growing legal services platform. It brings particular class leading expertise in the areas of volume personal injury, conveyancing and travel services and gives strong impetus to our agenda of reshaping the Group towards a broader professional services organisation. The acquisition is expected to be earnings enhancing on an adjusted basis and will raise the consumer legal services segment to 62% of Group revenues on a pro forma basis. We are delighted to welcome our new colleagues to the Group.”
Janet Tilley, Managing Partner of Colemans, says: “We share Fairpoint’s vision of a rapidly evolving consumer legal services market and are pleased that this has presented the opportunity for Colemans to become part of a larger and dynamic Group, leading the transformation of this industry segment. We expect to take advantage of being part of a larger platform with a strong focus on process. We are delighted to become part of the Fairpoint Group.”
