Dains advise on Management buy-out of Spencers Solicitors

Spencers Solicitors Limited, the specialist accident claim and personal injury solicitor has been acquired from its named Director 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.

Commenting on the MBO, John Spencer said: “When it is your name above the door, 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. As an ex-President of the Association of Personal Injury Lawyers I take great interest in how the industry develops and firms behave. It is heartening to know that under its new leadership Spencers will continue to champion the rights of injured people across the country.”

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.”

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.”

Transaction advice was provided by Roy Farmer of Dains Corporate Finance. Legal advice for the deal was provided by Chris Reed of Gateleys plc. Tax advice was provided by Gordon Singer at PwC.