Clarke Willmott partners injected £1.89m into the firm at the beginning of the 2009-10 financial year, during which time operating profit fell 78 per cent from £13.3m to £2.9m.
The firm’s LLP accounts show that turnover also fell between 2008-09 and 2009-10, dropping 34.4 per cent from £50.6m to £33.2m.
As Clarke Willmott adjusted its year-end from April to May during 2009-10 its 2008-09 financial included 13 months while 2009-10 was made up of 11.
Taking an average monthly income for the 2008-09 year of £3.89m, the annualised 12-month figure would be £46.7m. Taking a monthly average for 2009-10 of £3.01m and annualising over 12 month gives a figure of £36.21m. This would equate to a year-on-year turnover drop of 22.5 per cent.
The firm’s equity partners pumped £1.89m during the 11-month 2009-10 to recapitalise the partnership and fund future growth. In addition the firm secured bank loans totalling £3.8m and a £2m overdraft facility.
Since the end of the financial year covered by the LLP accounts there have been a number of changes at Clarke Willmott, with the firm replacing longstanding managing partner David Sedgwick with chairman Stephen Rosser at the beginning of the current financial year (28 May 2010).
In September the firm opened a base in Manchester with the hire of a two-lawyer IP team from Manchester firm JMW Solicitors (13 September 2010).