Pure Legal has made it first purchase, buying Pryers, a law firm based in York that specialises in clinical negligence and product liability.
The ABS has bought the York-based firm for £13m. Following an initial cash payment, the balance will be paid out over a period of time, with the current management team remaining in place for a minimum period of three years.
Phil Hodgkinson, the former head of Quindell Legal Services, who set up PURE Legal earlier this year and is its current CEO, said that the acquisition formed an integral part of the business’ future strategy.
“Clinical negligence and product liability are both areas of work in which we wish to expand, and Pryers are considered one of the top firms in the UK who specialise in these areas of work,” he said.
Pure Legal began life as a costs consultancy, but has expanded into other areas, with a claims business and now the purchase of Pryers.
“It is important when creating an ABS that you learn from mistakes made by others,” explained Hodgkinson.
“Our strategy is to acquire and collaborate with firms who have the necessary skill sets and experience in areas of legal work we wish to expand into and to couple that with organic growth as we deliver our initial five year plan.”
Hodgkinson said that Pryers was an extremely well run and well respected business, with an outstanding management team and staff.
“We are excited to have been able to both acquire and now work with such a well-respected and efficient business and we will now put in place our growth plans with immediate effect,” he added.
Pryers’ managing partner, Ian Pryer, said: “Having faced a number of approaches from law firms and companies over the years to acquire Pryers, it was important for us to wait patiently for the right opportunity with the right company to forge ahead with. Pure Legal undoubtedly presents that opportunity and I am delighted to get this deal over the line and I look forward to working with Phil and his team.”