Case Study: Pinto Potts
- Deal size:
- Company Sales
- Deal completed:
- October 2012
Meridian advised the partners of Pinto Potts LLP on the disposal of their business and assets to Quindell Legal services Limited, a subsidiary of Quindell Portfolio Plc.
Pinto Potts is a firm of specialist compensation claims solicitors, based in Fleet and Aldershot, with over 25 years’ experience in managing personal injury and no win no fee compensation claims.
Quindell is a software, consulting and outsourcing company that cuts costs for the UK's major insurers. Quindell has developed systems that allow claims to be processed more effectively and has expertise in the insurance and telecommunications sectors.
Quindell’s purchase of Pinto Potts was driven by its plans to become an alternative business structure (ABS). The newly introduced ABS allows non-lawyer organisations to own, manage and control businesses providing legal services to the public and has allowed much greater competition within the legal industry.
Pinto Potts is an attractive addition to Quindell’s business, as it will enable it to provide joint outsourcing to the UK insurance claims market, in particular to the personal injury market. Earlier this year Quindell bought Silverbeck Rymer Solicitors for the same purpose.
The sale to Quindell is also an exciting step for Pinto Potts, as it will become one of the first law firms to take advantage of the ABS. The sale will enable Pinto Potts to expand and secure its business for the future by gaining access to Quindell's industry contacts and technology expertise. The deal will be completed within a few months, subject to approval from the Solicitors Regulation Authority.
David Pinto, Partner at Pinto Potts said, "Thank you for all your hard work and support. It was a very complicated Agreement and you managed to shed light on what was to us at times a dark and confusing landscape. You were always cheerful and lifted our spirits whilst at all times retaining our trust with the professional way you dealt with things, and the in depth of knowledge you displayed in the corporate finance arena. I am happy to say that I would recommend you to anyone involved in a business deal that needed corporate finance advice, and that sort of recommendation is not something I give out liberally. I am from Yorkshire after all!"
Mike Barcia commented, “The deal provides a great opportunity for Pinto Potts to secure a significant volume of work in what is currently a difficult market. It also provides Quindell with a high quality in-house claims specialist resource as part of their legal services."