Deal 'Illustrates Strategy Of Building A Diverse Firm'
National law firm, Irwin Mitchell, has today confirmed that it has completed the purchase of field agency firm, PDP Management Services Limited (PDP), in a deal believed to be the first acquisition made by an existing Alternative Business Structure (ABS).
The deal, which has now been approved by the Solicitors Regulation Authority (SRA), will see PDP continue to trade under its own name, but operate as a subsidiary of Ascent and as part of the Irwin Mitchell group.
Following the deal’s completion, Ascent will now work closely alongside the SRA to put the necessary arrangements in place and to ensure PDP meets with the Regulator’s compliance requirements whilst its ABS license application continues.
Mark Higgins, Chairman of Ascent, said: “I’m delighted that we have completed the deal, particularly as it strengthens the position of both Ascent and PDP across some key sectors, including financial services and utilities.”
John Pickering, Group Chief Executive, IMCO Holdings Ltd, commented: “This deal is an important one for Ascent and illustrates our strategy of building a diverse firm which offers a wide range of high quality services across both the business and personal client sectors.
“As a law firm which prides itself on its innovative approach and a business which was the first multiple-licensed firm to be approved by the SRA, it is extremely satisfying that we believe one of our ABSs has become the first to complete an acquisition of this kind.”
Irwin Mitchell was confirmed as having become one of the first Alternative Business Structures to be approved by the SRA and the first multiple-licensed firm, receiving five licences for companies within its group structure, including Ascent, on 20 August 2012.
Ascent began trading in 2009 offering field agency and other support services to a significant number of major financial institutions and other corporates, and has grown strongly in its first three years, with Ascent’s consolidated revenues now exceeding £5m per annum.
PDP began trading in 1997 and offers field agency services to a number of major utility companies and other financial institutions. It currently employs 30 people, all of whom will transfer to Ascent as part of the acquisition but continue to work under the PDP name.