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Shoosmiths paid £1.5m in cash for Scottish firm Archibald Campbell & Harley, the firm’s inaugural LLP accounts have revealed.
The acquisition saw Shoosmiths acquire £1.77m of net assets when it merged with Archibald Campbell on 1 October 2012 (21 June 2012), of which £1.47m was paid as a cash consideration. The outstanding £300,000 was accrued by the end of the financial year.
Shoosmiths incorporated as an LLP on 4 May 2012 and the business of the firm’s general partnership was transferred to the LLP on 6 August that year, making its 2012/13 LLP accounts the first set filed with Companies House. The audited accounts show a 3.4 per cent increase in turnover between 2011/12 and 2012/13, from £84m to £86.9m, but a 11.2 per cent drop in net profit, from £12.5m to £11m - greater than that originally reported by the firm (9 July 2013).
As a result the amount distributed to the highest-paid partner at the firm also dropped, from £375,000 in 2011/12 to £281,000 last year - a 25 per cent fall. Shoosmiths also saw a rise in its borrowings, with bank loans increasing from £6.5m in 2011/12 to £7.7m last year and other loans increasing from £1.7m to £2.6m.
Maclays’ reduction in borrowings came despite a tough year in which turnover and profit both fell. Revenue dropped from £46.7m in 2011/12 to £40.8m last year, a 12.6 per cent drop, with profit down 21.8 per cent from £13.3m to £10.4m. The firm reported a reduction in headcount of 33 fee-earners and staff and staff costs were cut by 7.2 per cent, from £18m to £16.7m.
The average remuneration per LLP member fell from £233,000 to £190,000 last year, with a fall of 26.4 per cent in the amount paid to the highest-earning partner. That person took home £292,000, compared to £397,000 the previous year.
The August 2012 management buyout of employment and health and safety firm Law at Work (17 August 2012) brought in £252,000 for the firm. Maclays reduced its bank loans from just under £2m in 2011/12 to £1.3m last year.
Charles Russell continues to pay off a term loan of £11m taken out in 2009 to pay for the fit-out of its Fleet Street offices, and outstanding borrowings last year were down to £6.6m, according to the firm’s LLP accounts. The firm also said it had a £5m overdraft facility which it did not use last year owing to positive bank balances.
Turnover and profit both rose marginally, but the amount due to the highest-paid partner rocketed from £366,000 in 2011/12 to £600,000 last year. Chief operating officer Andy Staite said the rise was due to a one-off retirement arrangement.
Flint Bishop also reported an increase in turnover and profit. The former rose form £9m to £10.7m and the latter from £1.2m to £1.4m between 2011/12 and 2012/13. An increase in headcount of 19 lawyers and staff, from 177 people to 196 people was accompanied by an increase in staff costs of 10.9 per cent from £4.6m to £5.1m.
The average members’ remuneration during the year, of £264,000, is the same as the amount of profit due to the highest-paid LLP member. The figure rose from £209,000 the previous year. Although Flint Bishop had 21 partners last year, only five were members of the LLP.
In 2011/12 Flint Bishop reported bank loans and overdrafts of £345,000 but this had reduced to nil last year and the firm ended the year with £209,000 cash in the bank.