Blake Lapthorn asks partners to pay off debt

Blake Lapthorn is restructuring its balance sheet by asking partners to inject cash to pay off parts of its bank debt.

The firm is understood to have around £3m in bank loans, which were in part used to finance an aggressive merger strategy and the consolidation of two offices in Southampton.

The firm’s senior partner Jonathan Lloyd Jones said that, although the firm
was looking at its capital requirements, it was not experiencing financial ­difficulties.

“I think, as with any firm, the amount that the firm is funded by debt needs to be proportionate,” he said. “It would be wrong to have it overcapitalised by the ­partners and it would be wrong to have it overfunded by the banks.”

The move is part of a wider reshaping of the ­partnership, which will see a number of partners retiring from the firm at the end of the financial year.