Cobbetts' PEP up by a fifth as mergers tell

•North West firm Cobbetts has announced an 8 per cent increase in turnover to £58.5m for the 2006-07 financial year. The firm, which will launch its first office in the capital in July, also reported an average profit per equity partner rise of 26 per cent, from £190,000 to £240,000. Cobbetts managing partner Michael Shaw said: "The figures demonstrate that we're well on the way to delivering our long-term strategy, which has seen us make investments in people and infrastructure in core growth areas." Shaw said the results are a reflection of the success of mergers in 2004 with firms such as Leeds-based Wilbraham & Co and Birmingham's Walker Charlesworth & Foster.