Fee income soars in Wragges' bumper year

Birmingham firm Wragge & Co is poised to reveal a 25 per cent increase in fee income to around £24 million in the year to April 1995.

Industry sources suggest income per partner will be well up on last year's £131,000 per head.

The firm has undertaken corporate work for 100 listed stock market companies, and clients include West Midlands engineering groups Triplex Lloyd and Newman Tonks.

Senior partner John Crabtree said: “Our strategy has been to attract major clients from outside Birmingham and we have had a good measure of success with instructions from big groups such as PowerGen.”

Wragges recently struck its third deal in a year for food producer and distributor Geest, the former Caribbean fruit importer which sold its famous bananas interests to Irish rival Fyffes last year.

The firm advised Geest on the $3.7 million sale of its offshoot Necta, a Costa Rican pineapples and papayas company. The buyer was Pacific Asia Technologies, a large Canadian group listed on the Vancouver Stock Exchange.

“It was an interesting deal because it involved jurisdictions in several countries,” commented Ian Metcalfe, head of Wragges' public companies division.

The sale was via a new subsidiary incorporated in Cyprus. London firm Wedlake Bell and Richard Buell Sutton in Vancouver advised Pacific Asia.