Management buy-out signals new era for Spencers Solicitors

Deal summary

Spencers Solicitors Limited, the specialist accident claim and personal injury solicitor has been acquired from John Spencer by the management team, in a transaction advised on by Roy Farmer of Dains Corporate Finance.

The transaction sees current Managing Director Robert Landman acquire a majority stake in the business with previous owner John Spencer retaining a significant minority stake and moving into the role of Non-Executive Chairman. Robert Landman has been with the business for over ten years and was appointed Managing Director in 2013.

Chesterfield-based Spencers Solicitors is a nationally recognised provider of personal injury services for claimants. The firm provides specialist legal advice across the personal injury spectrum, from accidents at work or on the road through to complex and catastrophic injuries. Since the implementation of the Jackson Reforms, which fundamentally altered how the personal injury market operated, the firm has been at the leading edge of developments in the sector, including a shift away from insurer-led work.

The difference we made

We at Dains understand that succession planning can be very difficulty and requires great thought, especially when it’s your name above the door. We focused on structuring a transaction for our client that took into consideration his desire to maintain the business’ identity and values and that’s why an MBO with Rob taking the helm was the optimum route. Commenting on the MBO, John Spencer said: “finding the right person to take on your business can be difficult. That is why I am delighted to be handing over the reins to Rob as I know the firm will be in very safe hands.”

What our client said

Robert Landman concluded: “The deal really does represent the best of both worlds. The management team and I can drive forward a number of initiatives to broaden out the advice the firm provides while retaining the input of John, one of the industry’s leading experts.”

Dains Corporate Finance comes highly recommended as illustrated by John Spencer who said; “Roy Farmer is a great professional and it has been very pleasant to work with him. He maintained our best interests at heart throughout the transaction and was always available and committed. His macro and micro analytical skills are superb. Roy is a consummate professional which, when combined with the fact that he is a very decent person, means that he is good fun to work with too!”

What we said

Roy Farmer from Dains Corporate Finance added: “This transaction is a great outcome for both John and Robert. We spent a considerable amount of time working through the strategic options for John and the sale of the business achieves a number of objectives, not least to allow the business to continue under independent ownership. The deal allows Rob and his team to further develop its direct-to-market offering and increase the breadth of services, whilst remaining focused on developing its brand in the region.