A West Kirby-based finance company has helped an historic Liverpool legal practice increase its turnover by more than 60% and almost double its staffing.
Berkson Family Law Solicitors was established in the 1930s and has now embarked on an exciting growth phase, following the retirement from the practice of long-standing partner Valerie Limont.
Remaining directors Charles Peter and Adele Schofield used the opportunity to raise £178,000 in funding to buy out the retiring partner, who remains as a consultant, and to recruit six new staff to its existing nine-strong team.
The expansion follows a funding package arranged by West Kirby financial specialist Bathgate Business Finance, who had liaised with Mike Buxton at the client’s accountant Mitchell Charlesworth, to facilitate a £145,000 loan, through RateSetter over five years, and a personal loan for £33,000 over the same period, through Braemar Finance.
Mr Peter said Bathgate provided an ideal solution: “We needed to buy out our retiring partner and grow the business at the same time. I needed a source of funding that would allow me to continue growing the business both in public and private law.
“I could not have done this without Bathgate Business Finance, because I could only refinance with the bank,” he said.
Paul Trickett, business development manager with Bathgate Business Finance, said: “We were delighted to assist with some alternative funding to this progressive law practice.”