BLM will be nudging the £100m turnover mark at the financial year-end, according to a “conservative” estimate by managing partner Mike Brown.
Turnover at BLM rose 5 per cent from £84.7m to £89m last year, excluding income from the firm’s Ireland office and subsidiary the Connexion Partnership (CXP), a specialist personal injury and property claimant firm (21 July 2014).
Brown said the 2014/15 projection also excludes the two other businesses but acknowledged that the growth would be due in part to the May merger with Scottish firm HBM Sayers, which added between £6m and £7m to the firm’s top line (1 May 2014).
Including CXP and the Irish office would inflate the projected turnover figure by approximately £5m, although the businesses are not part of the UK LLP. The Ireland office was set up from scratch in 2012 and generated £1.4m in revenue last year (1 October 2012). CXP brought in £3.5m over the same period.
Despite all BLM’s businesses being owned by the partnership, Brown said the profits are currently reinvested rather than distributed.
Early next year BLM will be relocating its London office, taking less space but at a higher cost per sq ft.
Brown said: “It’s more expensive premises in London, but less space. The reality is that our current office suits our current purposes but not our aspirations”.
Last year, BLM opened a desk in the Lloyd’s of London building as part of a move to grow its specialist insurance practice by plugging into the subscription insurance market (10 July 2013).
Brown was elected in March 2012 (27 March 2012), succeeding Terry Renouf who had grown turnover by 75 per cent from £45m in 2005/06 to £78.8m in 2010/11.