Liverpool Law Firm Agrees Takeover Deal With Listed PLC

Tue, 24 Jan 2012

Silverbeck Rymer, the Liverpool-based personal injury specialist, is set to become the first law firm to be bought by a listed company following a near-£20m takeover bid from Quindell Portfolio.

Quindell, a brand extension company that also provides consultancy, software and outsourcing services, has agreed to pay £19.31m for Rymer in a deal that will see the two firms combine to provide "a joint outsourcing offering to the UK insurance claim market, in particular the area of personal injury ".

The takeover is subject to the Solicitors’ Regulation Authority (SRA) approving its application to become an alternative business structure, which is expected to take a number of months. If regulatory clearance is given, it will represent one of the first instances in the UK of a legal practice being acquired by a quoted plc.

Commenting on the deal, Silverbeck Rymer chairman Jim Rymer said: "We see significant benefits in being part of the enlarged group. Quindell has a rapidly growing presence in the insurance space and we firmly believe in its non-conflict approach to working with insurers ."

"Its positioning as thought leader and belief in improving margins whilst lowering costs for the industry sits well with our philosophies of working alongside insurers to help combat fraud and other areas of cost escalation, whilst being an active promoter of fairness and protector of consumer rights and championing industry change."

Rob Terry, chairman and chief executive of Quindell, commented: ""We are delighted to have reached an agreement, which represents a significant opportunity for everyone involved."

"Silverbeck Rymer is a robust business and performs well in its own right; however the combination of Quindell, Silverbeck Rymer and Mobile Doctors together represents a significant opportunity for us to address the issues faced by the insurance industry within one of its three key areas of claims leakage: personal injury ."
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