By: 27 March 2014

Irwin Mitchell has been granted £60m worth of loans from HSBC, Lloyds and RBS to help fund further growth.


Legal Futures quoted group chief executive John Pickering as saying that the deal was a clear show of support for the firm's plans from its banks.


“The fact that we have been able to agree this facility with our banks at a time when the legal sector faces some real challenges demonstrates the strength of our business," he said.


“We have a clear plan in place to build on the impressive growth we have delivered in recent years. Passing the £200m [turnover] mark was a real milestone for us but our plans are to grow the business much more significantly in all the areas we operate in.”


The deal includes a £30m accordion facility which can be called upon for a any large transaction.


The firm's chief financial officer Andrew Merrick told Legal Futures that the loans would fund ongoing capital needs and would also finance both further acquisitions and organic growth.


HSBC senior corporate banking manager Neil Abbott said: “Irwin Mitchell is a strong business that has a clear strategy for growth. The finance gives the company the ability to invest in expansion opportunities.”


Irwin Mitchell posted a turnover of over £200m last year.