Reynolds Porter Chamberlain (RPC) has announced a revenue increase of more than 20 per cent from £68m in 2011/12 to £82.1m at the end of 2012/13.
The firm has not yet finalised profit figures for 2012/13. In 2011/12 profit rose by 9.5 per cent compared to the previous year, with average PEP hitting £354,000 (12 July 2012).
The revenue increase follows significant investment in offices and people over the past two years.
Between January and August 2012 RPC opened three new offices including a raid on CMS Cameron McKenna in January 2012 when the firm hired seven Camerons insurance and reinsurance partners, including Joe Bryant, Simon Chandler and Will Sefton to open in Bristol (3 January 2012).
The firm lauched a five-partner Hong Kong office in August 2012 including Clyde & Co insurance and litigation partners David Smyth and Antony Sassi and shipping partners Andrew Horton and Gary Yin (4 April 2012).
The fifth Hong Kong partner was corporate and M&A specialist Jason Carmichael, who joined from local Hong Kong firm CdB and JC & Co, which he co-founded in 2009 after he left Clyde & Co’s Hong Kong office (2 July 2012).
The firm made its international debut in Singapore in October 2011 (27 October 2011) on the back of hiring Clyde legacy firm Barlow Lyde & Gilbert insurance and reinsurance partner Mark Errington. The move was intended to show the firm’s insurance client base its commitment to the international market (5 March 2012).
Earlier this year, the firm’s LLP accounts revealed that RPC took a bank loan of £3m in 2011/12 that is repayable by equal monthly instalments until 2017 and secured on the partners’ interests. As a result, the firm’s net debt at 30 April 2012 was £2.3m, up 24 per cent from £1.7m at 1 May 2011.
In addition, the firm set up two subsidiary LLPs for investment purposes in November 2011, Blundell Park and Gladford Park. London-based partner Tim Anderson and senior partner Robert Hogarth are members of the two new LLPs (6 February 2013).