By: 6 March 2014

Helphire has acquired the New Law group in a multi-million pound cash and share deal.


The accident management company is paying £24.5 million in cash and may yet pay up to £10.5 million in shares subject to a number of earnings targets being met to secure New Law group which comprises road traffic personal injury firms, wills and probate providers and medical reporting companies. New Law entered into a number of ABS arrangements with various insurance and fleet management partners last year.


Helphire will also acquire net external working capital debt and shareholder loans of approximately £8.2 million, most of which will be settled on or after completion of the deal.


Martin Ward, chief executive of Helphire, said that the company knew it had secured a first class and well-established legal services business after having worked with New Law for many years.


"This addition to the Helphire group supports our strategic direction to broaden the scope of services we offer in related markets and we look forward to building on our more recent success," he said.


Helen Molyneux, chief executive of New Law said that the group had chosen Helphire as a partner because it had "established quality credentials, the right approach to business, both strategically and culturally, and a shared vision of the future".


"The legal services market has undergone enormous change over the last two years which has opened up new opportunities for different businesses to work together in this sector. The combination of Helphire and New Law represents a rewarding and exciting opportunity for the combined businesses," she said.