Fladgate has boosted its corporate practice with the hire of partner Amy Collins from Olswang, as it announces an 8 per cent rise in turnover in its latest financial results.
Collins specialises in corporate work for public and private companies, advising on joint ventures, reorganisations and M&A. She has experience acting for companies and sponsors, nominated advisers and brokers on IPOs and fundraisings.
She also has particular expertise in the real estate, leisure and retail sectors and has advised on a number of corporate property acquisitions and disposals, property unit trusts and property joint ventures.
Commenting on Collins’ appointment, Fladgate chairman Charles Wander said: “Amy’s appointment is part of our continuing strategy to identify senior individuals with the expertise to enhance our teams.”
In a statement, Collins said: “The strength of Fladgate’s business and the firm’s proactive, partner-led approach offers an exciting opportunity for me to further develop my practice. I was attracted by the vision the firm has for its future development and am very much looking forward to working with the team here.”
Her appointment follows recent partner hires in Fladgate’s real estate practice including Richard Reuben (4 March 2011), who joined from Macfarlanes, and the former head of failed firm Halliwells’ London real estate finance team, Kim McMurray (10 September 2010).
The hire comes as Fladgate announces a 8 per cent rise in revenue for the 2010-11 financial year.
Turnover rose from £21.8m in 2009-10 to £23.5m, with 43 per cent coming from the firm’s corporate practice. Net profit stood at £6.4m, giving a profit margin of 27 per cent.
While average profit per equity partner (PEP) slumped slightly from £370,000 to £361,000, Wander and chief operating officer John Goreing said the 2 per cent fall was largely a result of Fladgate’s substantial investment in its new offices in Covent Garden during the past year. The firm took out a £1m loan in the 2009-10 financial year to help fund the move (6 January 2011).
“We’re delighted that income’s up, and that’s a trend we’ve seen in the last few years,” Goreing said. “We set out to make a huge investment in property during the year as well as recruiting new people, and we warned our partners that the effect on their short-term profitability could be much worse than it actually turned out to be.”
Wander added: “This was a substantial investment for us and to have come out just a shade under PEP for the previous year is a huge achievement.”
The firm’s equity spread ranged from £171,000 to £513,000, compared to a spread of £160,000 to £580,000 in 2009-10.