Nelsons makes second acquisition in matter of weeks and takes over Cleggs Solicitors
East Midlands law firm Nelsons has acquired Nottingham-based Cleggs Solicitors – its second takeover in a matter of weeks. Nelsons, which has offices in Nottingham, Leicester and Derby, has made the move after acquiring Pattersons Commercial Law, based in Ratby, Leicestershire, in October. Nelsons itself was acquired by new national law firm Lawfront back in the spring in a move that management said would significantly accelerate Nelson’s growth strategy and take the wider group’s annual revenues of £41 million-plus. Mark Williams, managing director and head of private client at Cleggs Solicitors, said: “Having become the sole equity partner at Cleggs I wanted to maintain the growth and future of our talented team as well as continuing to offer more to our loyal client base. “The Nelsons brand has a personable feel, and the firm believes in building long-term relationships. Our clients and team recognise the importance of this approach and so there was an immediate sharing of values. “This move supports the exciting ambitions of both firms and many of our clients will instantly benefit from the expertise and range of services that Nelsons can deliver, with our team also benefiting from the greater resources that Nelsons as a Lawfront firm can provide.” Nelsons chairman Tim Hastings said: “Cleggs Solicitors has been a well-known and respected firm in Nottingham for decades, so this is a meeting of minds and alignment of ambitions. “This acquisition will expand our services to clients with Mark’s team bringing substantial commercial and new build residential property experience. “At the same time, we can offer Cleggs’ clients a full range of services from our employment and corporate teams that previously the team would have needed to refer elsewhere. “I’m looking forward to maximising our combined potential as we come together to pool expertise and resource." Lawfront chief executive Neil Lloyd said: “We are very pleased to support Nelsons in bringing the Cleggs team into the Nottingham office and the wider group. “This and the acquisition of Pattersons Commercial Law in October demonstrate Lawfront’s strategy of backing the management of leading regional law firms, supporting them to achieve their own growth ambitions, both organically and by acquisition.”
Barclays shares could be set for 18% rise after profit beat, experts say
Analysts have reaffirmed their 'Buy' rating on shares of Barclays after the bank surpassed expectations with its recent results. The FTSE 100 lender reported a pre-tax profit of £8.1bn in 2024, exceeding the estimated £8.07bn, as reported by City AM. "We believe strong capital generation should support a higher valuation and plans to return more than £10bn over 2024-26 seem conservative," stated Peel Hunt analysts Robert Sage, Stephen Payne and Stuart Duncan. They further commented: "The six per cent rise in income, 24 per cent increase in profit before tax and double-digit return on tangible equity confirm that financial performance is stepping up. "The company guided for structural hedge income to increase a further £1bn in 2025, and market conditions for the investment bank currently appear supportive, especially in the US." Despite initial guidance remaining unchanged, they suggested the 12 per cent return on tangible equity goal seemed "increasingly realistic (if not conservative)." Barclays shares initially dropped by as much as five per cent following the results, but quickly rebounded as analysts labelled the dip a "temporary glitch." Peel Hunt subsequently increased its target price for the bank by 11.8 per cent to 359p, with the bank's shares trading above 300p on Tuesday morning. Barclays also announced a share buyback of up to £1bn during its annual results, expected to commence in the first quarter of 2025. According to analysts, "Share buybacks remain highly accretive not only to Barclays earnings per share but also to its tangible net asset value, to a significantly greater degree than Lloyds and Natwest, and in our view the continued prioritisation of buybacks is beneficial for equity holders." They also noted that Barclays has a "greater focus on buybacks than its two peers". The acquisition of Tesco Bank's retail banking business in November 2024 contributed to an increase in fourth-quarter income, with the lender experiencing a £0.6bn gain on the first day. Peel Hunt analysts commented: "Barclays never has been an expensive stock."
Law firm moves to new Birmingham office
A law firm has moved its Birmingham team to a new office. MFG Solicitors has relocated from the city's Jewellery Quarter to a new base in Waterloo House, Waterloo Street. The 2,500 sq ft facility has been fitted out with private meeting rooms, breakout areas and open plan desk space. The firm's chairman Iain Morrison said: "Our move to Waterloo House represents another new and exciting chapter for the firm. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. "It's been six years since we moved into the Birmingham market and since then we have significantly grown our offering and presence, helped by adding further expertise to our team. "That has ultimately allowed us to take on additional clients, especially on the corporate, commercial property and employment sides. "The new office is right in the middle of the city but, more importantly, it's really accessible and has the capacity to cope with our further growth in the months and years ahead. The feedback from clients has already been extremely positive."
'I was JD Sports' top lawyer and now I'm helping companies become the next global success'
Siobhan Almond spent over a decade at JD Sport, helping it to grow into the retail giant it is today. Working her way up to general counsel, she had global responsibility for all the group's legal operations and was at the heart of efforts to acquire brands across the world. But after the well-documented changes at the top of the business, she decided it was time for a change of her own. Having joined Manchester-based venture capital investor Praetura Ventures as an operational partner in May, she's now focused on helping companies from all over the North West follow in JD's footsteps and become the next global success story. In an exclusive interview with BusinessLive, Siobhan Almond spoke about what she learnt from her time at JD Sports, why she decided to leave and how she's working to help create the next big thing. READ MORE: American Golf owner loses almost £10m as cost-of-living crisis hits sales READ MORE: Click here to sign up to the BusinessLive North West newsletter "When I joined in 2012, JD was just embarking upon its international expansion", she said. It was already a pretty successful UK retailer, successful on the High Street despite the difficulties, and it was just moving into France and Spain. I saw it go on this phenomenal international expansion journey as well continuing the growth in the UK. "There was double digit like-for-like retail sales consistently year on year which was just unheard of as well as establishing itself in countries where the sports market is different and it's not the same type of High Street. Of course you've got language differences, cultural differences, but we really went on a journey to bring JD Sports to lots of different international territories. "My role was to see if we were acquiring a business that existed in one international territory already and to assess that business, do all the due diligence and the decide if it was the right business to acquire. We then the actual transaction itself and then post-conclusion, it was about integration. "It was about learning about that business and I helped them in any way possible. I got them the range of advice that they needed and helped them become part of the group and I guess that process is what has enabled me to be a real help to the portfolio companies within Praetura. I can relate to what they're going through and help them make the decisions about the founders and which ones we think we should back. "Once these founders have got that investment, it's just the same as some of those I used to work within the JD group. Suddenly they have cash in their own pockets and they are part of a group and they have the expectations of an investor for the first time. "At JD I worked to get them used to that process and to meet those expectations but to grow in their own way and to cultivate their business and growth strategies in a way that suited them, because every territory and every kind of different iteration of JD was different. So that whole journey that I went through with JD saw huge growth. It's something that I really hope I'm going to be able to use consistently in my current role. "The goal of lots of founders is they want to be an international, globally successful business and hopefully I can help them share some insights into what we did wrong, what wasn't a success and, obviously, all the things that we did right and that made it a success that it was." After more than a decade at JD Sports, Siobhan Almond decided it was time to leave. The group had grown beyond all recognition over her time but with a new chairman, chief executive and chief financial officer, it was time for a fresh start somewhere else. She said: "It was really for a change. I'm a lawyer and even though my role was everything else as well as a lawyer, it's unusual for lawyers to stay in one place. It's good for me to experience different sectors, different types of businesses. Even though there was a real range of styles of business within the JD group from very small founder-led businesses right until the kind of the FTSE-100 JD entity itself. "I wanted a different change and, of course, there was a huge change within JD itself. The whole thing is pretty much changed now with a new chairman, new CEO, new CFO and often when that happens, it's the right time to move on and develop new relationships and work with different businesses." Praetura Ventures is well-known in the North West for investing in businesses that show great potential for growth. The companies that the firm backs have normally already shown a degree of success before securing additional investment. But success is rarely measured in a straight line and part of Siobhan Almond's role is "to be that shoulder to cry on why when things have slowed down" and then find a solution. She said: "When you get some founders who are really enthusiastic and who've had maybe some initial success and then it slows down it's a challenge. One of my roles is to be that shoulder to cry on why when things have slowed down and then to try and troubleshoot with them and work out why that might be happening or why they're not getting the traction in the first place. "I think it's quite easy for a founder to be able to 'do this and, yes, we can do that' and they get that initial interest and they get excited, they want to do everything. What was good about JD was they knew what they were good at, that's where they're most successful. "JD didn't offer lots of stuff. It went into outdoor retail, fashion, all kinds of different businesses, but really the crux of what was the huge success was the sports fashion retailer and I guess I learned a lot from that. "There are sometimes difficult conversations, grounding conversations, but ultimately I just try to be the most approachable version of myself. I'm not there with any ulterior motive and that's the kind of unique thing. "One of the reasons I loved the opportunity to be an operational partner is I'm really there just with the intention of helping those founders and that company with whatever they need. So it might be something that's kind of akin to my background which is something compliance or legal related. It might be something about retail, but again, it might be something totally new for me and it's just having another voice and other sounding boards. I'm not interested in anything other than what's the right thing for that company, and that's quite refreshing for some of the founders." "To be honest, the thing that I learnt the most and I've seen in other businesses not done as well is the detail. There were lots of things JD could have done better, but what it did do was it had its head in the detail. "The people that ran the business could tell you about each of its stores, pretty much anywhere in the world, how it was performing. No matter how big it got iIt never lost sight of how important the detail is. "A big lesson for me is to never get complacent, never just assume that things are going to roll in just because they did last year, and really keep you right on that detail. Most of the founders that I work with are already excellent at the detail.
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Knights completes acquisition of West Midlands law firm
Law firm Knights has strengthened its presence in the West Midlands after completing the acquisition of Thursfields for £12.5 million. The news, provisionally announced in July, brings around 100 experienced professionals to Knights across Birmingham, Kidderminster, Solihull and Worcester. It will add an experienced private wealth offer, spanning private client, family and residential property alongside corporate, real estate and dispute resolution services. Chester-based Knights said the acquisition of Thursfields aligned with its plans for organic growth through selective, considered acquisitions and the intention to double the size of the business in the coming years. BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts. You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss. Visit our email preference centre to sign up to all the latest news from BusinessLive. Chief executive David Beech said: "We are delighted to acquire Thursfields, a premium, full-service law firm which shares many cultural and operational similarities to Knights and significantly strengthens our position as a leading legal and professional services business in the West Midlands. "With particular strength in private wealth, it further enhances our expertise in an important and growing part of our business, which will support our future growth plans." The newly enlarged group now employs more than 1,000 staff across 26 locations across the UK. Michelle O’Hara was managing partner at Thursfields and has stayed on as a partner post-completion. She said: "Knights is a business with a similar ethos to Thursfields, with a strong culture which cultivates collaboration across its offices, to the benefit of client service.
Law firm Birketts to open Bristol office
Law firm Birketts has announced plans to open a permanent office in Bristol. The company has operated a hub in the city since January 2021, which it has used as a base for its South West staff. The new office is set to open in the autumn and will be Birketts' seventh in the UK. The firm already has offices in London, Sevenoaks, Cambridge, Chelmsford, Ipswich, and Norwich. The firm will be based at the EQ building - an office development near Temple Meads station. EQ is Bristol’s first new office aiming to be net zero carbon in operation in accordance with the UK Green Building Council’s framework approach. The five partners leading the firm’s Bristol practice will be Tom Berisford (banking and finance); Deborah Carrivick (international private client), Stuart Cleak (real estate renewables); and Dan Crockford and Alex Penberthy (shipping and international trade). The seven lawyers are legal directors Clarissa Dumolo and Jane Johnson; senior associates Oliver Evans and Joanna Mansel; associate Mark Brookman; solicitor Markella Papadopoulou; and trainee legal executive Jade Urbanski. There will also be business services professionals Gabbie Hazzell, Kate Jenkins and Jazz Gee. Jonathan Agar, chief executive at Birketts, said: “The opening of our Bristol office is a key step in Birketts’ growth trajectory and will further expand our network of offices in southern England. Our hub has been extremely successful and has laid the foundations for the introduction of our brand of Next Level Law to the South West. "The feedback from clients in Bristol has made it crystal clear how much potential there is for the firm to operate competitively from an established office in the city, and we look forward to being able to provide both new and existing clients a more comprehensive legal service from our new location.” Ms Carrivick added: “We have all lived and worked in Bristol for many years and are delighted that Birketts is formalising our presence in the city."
Barclays smashes expectations as it reaps Tesco Bank takeover rewards
Barclays has exceeded analyst expectations in its annual results report, following a robust year for its investment banking division and immediate benefits from its acquisition of Tesco Bank. The FTSE 100 bank posted a pretax profit of £1.7bn in the fourth quarter, surpassing the £1.62bn anticipated by analysts, as reported by City AM. For the entire year of 2024, the bank reported a profit of £8.1bn, exceeding the expected £8.07bn. This represents a 24 per cent increase from £6.6bn in 2023. The completion of the Tesco Bank’s retail banking business acquisition on November 1, 2024, contributed to a nine per cent overall rise in the group’s UK income. This primarily reflects the £0.6bn immediate gain from the takeover, which boosted the pre-tax profit of its UK division by 25 per cent over the past year. The acquisition involved the transfer of credit cards, unsecured personal loans, deposits, and the associated operating infrastructure to Barclays Bank. Barclays UK reported a pre-tax profit of £3.58bn for 2024, compared with £2.87bn in 2023. Barclays’ investment bank maintained its strong performance throughout the year, with its total income for 2024 reaching £11.85bn, surpassing the £11.7bn analyst estimate. Its investment banking division also saw a seven per cent year-on-year income growth after generating £4.5bn in fees and commission income. Income from these divisions rose 26 per cent compared to the previous year. Its net interest margin expanded by 46 basis points, compared to the same quarter last year, with its fourth quarter for 2024 hitting 3.53 per cent. Operating expenses for the group decreased by 1% year-over-year to £16.7 billion, which the bank attributed to being partially offset by inflation, investment spend, and business growth enabled by £1 billion in cost efficiency savings. Additionally, a share buyback of up to £1 billion was announced, expected to commence in the first quarter of 2025. Matt Britzman, senior equity analyst at Hargreaves Lansdown, commented: "Early price action for Barclays looks a little harsh after the group set a decent benchmark for the banking sector, closing the year with an impressive final quarter as both its UK and Investment Banking arms delivered." "In Investment Banking, Barclays didn’t disappoint, surpassing profit expectations and seeing growth in fixed income and equities that outpaced even the US giants," he added. Regarding the announced buy-back, Britzman stated that it taps into a "strong capital position" and there was "enough on offer to keep all markets happy". "The only minor downside was the lack of guidance upgrades, but overall, investors should be pleased with these results, the immediate price reaction likely a result of the strong run up coming into results," he said. Zoe Gillespie, investment manager at RBC Brewin Dolphin, commented: "Barclays has delivered another strong set of results". "The bank is seeing the benefits of its divisional spread and a coherent and focused long-term strategy," she added. The narrative around Barclays paints a picture of robust health, with the bank showing signals of sustained strength for some time to come, demonstrating a reassuring level of consistency not always associated with its past. Group chief executive C. S Venkatakrishnan commented: "In 2024 we met our financial targets, delivering for our customers and clients, with operational and financial performance improvement driven by disciplined execution of the three-year plan."
UK government borrowing hits fourth highest level on record in blow for Rachel Reeves
January's tax receipts have grown at a slower rate than anticipated, indicating that the economy's lacklustre performance might lead to adverse fiscal outcomes. The Office for National Statistics (ONS) reported that the government achieved a monthly surplus of £15.4bn, which means it earned more in taxes than its expenditures, as reported by City AM. However, this was below the £20.5bn surplus forecasted by the Office for Budget Responsibility (OBR). "The undershoot was largely driven by disappointing tax receipts, which were £4.6bn below the OBR's forecast, reflecting the recent weakness of the economy," commented Alex Kerr, a UK economist at Capital Economics. January typically sees a surplus in public finances due to the deadline for self-assessed income tax payments. This year's surplus was the largest since records began in 1993. "While the public finances are often in surplus in January, this year saw the biggest monthly surplus on record, with high January self-assessment receipts bolstering income," stated Jessica Barnaby, deputy director for public sector finances at the ONS. Nonetheless, borrowing for the financial year to date has reached £118.2bn, nearly £13bn above the OBR's October prediction and the fourth highest at this stage of the year on record. "The pressure on the public finances is seemingly relentless," observed Elliott Jordan-Doak, a senior UK economist at Pantheon Macroeconomics. According to the ONS, these developments put fiscal rules at risk. The latest figures are set to increase the pressure on Chancellor Rachel Reeves, as they indicate that the sluggish economy has suppressed tax receipts more than initially anticipated. This will make it harder for Reeves to stick to her primary fiscal rule, which mandates that tax receipts fund day-to-day spending. In October, the Chancellor left a mere £9.9bn buffer against her key fiscal rule, but many experts believe this has been eroded by slow growth and increased borrowing costs. The Office for Budget Responsibility (OBR) is currently preparing its latest batch of economic forecasts, which will determine whether Reeves is on course to fulfil her pledge. These forecasts are due to be published later in March. Early drafts reportedly suggest that Reeves must secure additional funds to ensure she meets the fiscal rule. "The OBR is likely to conclude that the Chancellor's headroom against her fiscal rules has been wiped out and she will probably need to tighten fiscal policy as a result," Kerr stated. Jordan-Doak warned that January's figures can often undergo "large revisions" and self-assessed taxes can frequently arrive late. "But as it stands today, the Chancellor has a bigger job of work to do next month to rectify the fiscal situation," he said. Reports at the end of last week suggested that Reeves was contemplating extending the freeze on income tax thresholds due to the precarious state of public finances.
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