Insight Law acquires South West property specialist
A Cardiff law firm has swooped for a rival Bristol practice with the help of a bank funding package.
Insight Law's partners told Insider they intended to build on the success of both offices and recruit additional staff.
The firm, which specialises in property law, secured finance from Santander to buy out the existing equity of the sole practitioner and partner of Roy Coles & Co.
Claire Bate has now joined Insight Law as a partner and head of the Bristol office with senior partners Simon Fox and Paul Jones having overall responsibility for the enlarged firm.
Insight is currently on target to generate a turnover of £400,000 in the financial year to the end of March 2015 and is expecting to add another £100,000 to fee income in the following 12 months.
"The intention is to build on the success of both offices, retain and develop existing staff and recruit in both Bristol and Cardiff," Jones said.
"Our staff have been really supportive of our development and we've worked hard to try and make everyone feel a part of our growth and the intention is that they have input into how and where we grow.
"We identified when we started this practice that in order to increase our profile and work that we needed to look outside just our South Wales market. It makes sense for us to acquire and develop in areas that we have experienced success in and want to develop that success further."
He added that Insight's long-term plan was to merge with similarly aligned property practice in London.
"We do a lot of our work in London and we have a small but loyal following of clients there, so we'd like to build on that and be there within the next two years."
Insight Law employs five staff in Cardiff and three in Bristol.