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South West London – Practice for sale

This is a thriving, well-established high street solicitor’s practice, located in a young up-and-coming Southwest London borough.

The practice is located on a prosperous high street, a stone throw away from bars, restaurants and local amenities. The offices are within a 10 minute walk of three train stations, which cover both the London underground network and the London overground service.

This is a stand-alone practice which is part of a wider multi-site firm, which has offices located throughout central London. Therefore, upon acquisition, a name change would be imperative. The principals are interested in selling the entire practice as a going concern.

The offices have excellent visibility with a large sign outside, which attracts passing trade. Upon purchase, this sign could easily be amended to a new name. The freehold is owned by one of the Principals of the firm, who would be willing to assign the existing lease or grant a new lease to the purchaser. The practice has a good PI record and has had no difficulty in renewing its insurance cover.

In addition to the three Partners, there are two further fee earners, plus five members of staff.

Turnover for the last few two years has been in excess of £1m.  There is significant potential for any purchaser to expand the practice and significantly boost turnover.”

The bulk of the firm’s revenue is generated from residential property transactions (85.5%), landlord & tenant & lease extensions (8%) , probate (3%) and wills & lasting powers of attorney (3.5%).  The practice holds excess of 600 wills,  together with approximately 70 powers of attorney.  The firm is completing and storing approximately 100 wills a year plus powers of attorney.  No litigation or legal aid work is undertaken.

This practice would be ideal for one or two individuals who are looking to start up their own law firm, particularly in a young and dynamic area. We believe this practice would also be of interest to firms in the provinces who would like to expand their exposure to legal work in London. Because of the excellent geographical location, there is incredible potential for expansion.

For further information on this Practice please email raymondafox@aim.com quoting ” SW London”.

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MK Postcode area – Practice for sale

We are delighted to have been retained to dispose of a sole practitioner Solicitor’s Practice in the MK postcode area of Bedford.  The principal wants to retire on terms to be discussed.  

The Practice is a five minute walk from the high street of a bustling historic market town, which has a population of around 170,000. The transport links are plentiful – there are two National Railway stations nearby, and the train line connects to London St Pancras International within 40 minutes. There is a reliable and regular bus service which connects the town.

The firm continued to operate at a profitable level during the coronavirus shutdown.  No staff were furloughed.

Turnover for the last few years has been circa £150,000, remaining profitable during covid.

The bulk of the firm’s revenue is generated from wills/probate [69%] and residential conveyancing [19%]. The practice holds a very valuable will bank with around 4500 wills being stored, and 4000 deeds are currently being stored. No litigation or legal aid work is undertaken.  

This practice is within 30 minutes of Milton Keynes, Northampton and one hour from Cambridge and Watford and would suit one or two individuals who are looking to start their own business in these areas or expand their portfolio.

For further information on this Practice please email raymondafox@aim.com quoting “MK”.

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The principal wants to retire but would be happy to remain with the firm to assist with transition, on terms to be discussed.

Turnover is £200,000 – £225,000 a year. There is scope for the conveyancing work to be built up, and the probate work is increasing year by year. Apart from a substantial local client base, many clients who have moved away come back for repeat work over the years. There are over 1,000 wills held, as well as powers of attorney and deeds.

The firm’s revenue is generated from Conveyancing (including some commercial work) – 40% Wills, Trusts and Probate – 25% and Family Law – 35%. No litigation is undertaken and no legal aid work.

Apart from the Principal, there is one full time secretary and a part time self-employed consultant solicitor, who provides cover. Bookkeeping is outsourced.

The firm continued to operate at a profitable level during the coronavirus shutdown, with a substantial number of client enquiries currently being received. No staff were furloughed.

The firm operates from a ground floor office, which would be available for purchase or lease.

The practice has a good PI record and has had no difficulty in renewing its insurance cover.

The Practice would be ideal for one or two individuals who want to run a practice in an affluent area, where the clients strongly appreciate a personal relationship with their solicitor. The Practice would also be of interest to a larger firm looking to expand its area of operations. It is close to the M40 and two larger towns.

The Practice is valued in the local community, in a growing town with diverse business and individual activities.

For more information please email raymondafox@aim.com quoting “Oxon Sole Practitioner”.

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Devon Practice.

This is a Two Partner Solicitors’ Practice in the TQ postcode area of Devon.

The Practice was established by the two present Partners in 1983.  The Partners wish to retire although they are prepared to discuss individually proposals to continue working for an agreed time after disposal to assist with the transfer of the goodwill of the business. 

My Clients have asked me to emphasise that this is not a distress sale and they are looking for a realistic goodwill payment. 

Turnover in each of the last three years has been well in excess of £500K [currently £562K]. 

The bulk of the firm’s revenue is generated from wills/trust/probate [59%] and residential conveyancing [30%].  They do not hold any legal aid franchises. 

Apart from the two Partners, there are four full time assistants and three part time assistants [which include the book-keeper and receptionists]. 

The Partners own their own freehold premises which would be available for sale or lease.  Alternatively, the practice could be transferred to another geographical location. 

My Clients have a clean P I record which could easily be transferred to an acquirer. 

The firm is on virtually all of the major lending panels and holds in excess of 4,500 wills. 

This Practice would also be ideal for one or two individuals who are looking to start up their own first practice and due to the excellent geographical location of the Practice, there is considerable potential for increasing turnover in the surrounding area and would be a fantastic opportunity for someone with energy and enthusiasm. 

We believe this Practice would also be of interest to Practices who would like to expand their exposure to the private and commercial client work in Devon although because of the physical location, along the south Devon coast and within the “English Riviera” this would be very much a lifestyle choice.

For more information please email raymondafox@aim.com quoting “Devon TQ”.

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Cornwall Practice.

We are delighted to have been retained by a four Partner multi-disciplinary practice law firm with an office in the TR postcode area of Cornwall. 

This is an old established practice that can trace it history back to the middle of the 19^th century. 

This Practice is situated virtually in the centre of this market town which has a population of around 17,500 and is on the main line rail network which connects through Plymouth, Exeter, Taunton and Bristol to Reading and London. The Principals are interested in selling the entire practice as a going concern as a couple of the Partners wish to retire although the other Partners might be prepared to consider staying with the firm after disposal in a part-time, full time or consultancy capacity on terms to be agreed. 

The firms’ revenue is made up of Residential Conveyancing [60%], Wills/Trust/Probate [36%], Commercial property [3%] and miscellaneous [1%]. This Practice has an excellent reputation in the area with a turnover of around £360K. There is also around 13,250 wills, deeds and EPAs/LPAs. 

P I cover is in place and there has never been any problems with renewal. They do not hold any legal aid franchises. Apart from the four Partners, there is one fee earner and nine support staff. 

The firm operates from premises owned by two of the Partners.  The lease has expired, and my clients are holding over although it would be available to buy or lease subject to terms.  This would enable a purchaser to move the offices to another geographical location without any lease termination issues. 

The offices are in an excellent geographical location within a short drive to A30, about three miles to the coast and four hundred yards to the railway station.  This would certainly be a fantastic lifestyle choice as well as a firm with phenomenal opportunity for expansion as there are only one or two other firms in the immediate vicinity. 

This Practice would also be ideal for one or two individuals who are looking to start up his or her own first practice and due to the excellent geographical location of the Practice, there is considerable potential for increasing turnover in the surrounding area and would be a fantastic opportunity for someone with energy and enthusiasm. 

We believe this Practice would also be of interest to Practices who would like to expand their exposure to the private and commercial client work in Cornwall as well as firms that already have offices in the local areas, such as Truro, Camborne, Helston, Redruth, Hayle, Penzance, Penrhyn, Falmouth and St. Austell.

For more information please email raymondafox@aim.com quoting “TR Cornwall Postcode”.

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Teesside Practice.

We are delighted to have been retained by a Two Partner Solicitors’ Practice with an office on Teesside. This Practice is situated in a busy North East town with around 100,000 inhabitants, close to the A179, A689, A1086 and the A19 and with a direct train service to London.  The Partners are interested in selling the entire practice as a going concern. 

This Practice has an excellent reputation in this affluent and expanding town as it has been operating there for over 40 years, is virtually in the centre of the town and has a turnover of around £400K. There are no legal aid franchises, but the firm holds Lexcel, IIP and CQS, as well as being on most of the major conveyancing panels. There is also around 1,500 wills, together with deeds and EPAs/LPAs. 

The firms’ revenue is made up of Residential Conveyancing [70%], Wills/Trust/Probate [12%], Commercial property [10%] and Miscellaneous [8%]. 

My Clients have a good P I Claims record which could easily be transferred to an acquirer. P I cover is in place and there has never been any problems with renewal. 

In addition to the 2 Partners, there is 1 fee earner/office manager plus 7 support staff. 

The firm operates from premises owned by one of the Partners’ family members who has indicated that they would be prepared to sell the freehold, lease it to the acquirer of the practice although it also enables the practice to be moved to another geographical location without any lease termination costs or dilapidations. 

This Practice would be ideal for one or two individuals who are looking to start up his or her own first practice and due to the excellent geographical location of the Practice, there is considerable potential for increasing turnover in the surrounding area and would be a fantastic opportunity for someone with energy and enthusiasm. 

We believe this Practice would also be of interest to Practices who would like to expand their exposure to the private and commercial client work in the NE of England as well as in towns such as Sunderland, Middlesbrough, Hartlepool, Billingham, Stockton, Darlington, Durham, Peterlee, Seaham and Sedgefield. We also anticipate enquiries from Firms in the provinces interested in expanding and who would like to use this Practice as a platform to target the lucrative market.

For more information please email raymondafox@aim.com quoting “Teesside”.

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