Slater & Gordon is in negotiations to buy an operating division of Aim-listed legal services provider Quindell, understood to be its legal services arm.
Earlier this month, Quindell said it was in “exclusive negotiations” with an unnamed party over the possible sale of an operating division of the group. Yesterday it confirmed in a stock exchange statement that Slater & Gordon “is the party referred to in previous announcements”.
Slater & Gordon released its own statement adding that the firm is currently in the process of completing due diligence on a portfolio of Quindell personal injury litigation case files “with rights to take a transfer of files over the coming months”.
The firm stressed that “these discussions remain preliminary and incomplete”.
Quindell was granted an ABS licence in December 2012, having acquired Liverpool-based personal injury from Silverbeck Rymer in January of that year.
In October 2012 it went on to purchase Hampshire-based Pinto Potts, followed by claims management company Accident Advice Helpline and law firm the Compensation Lawyers in December 2012.
The acquisitive group has also added insurance software house IT-Freedom, claims management network Intelligent Claims Management, and another insurance software house Metaskil to its portfolio.
According to its interim statement to the London Stock Exchange, at the half-year point in 2014 Quindell generated £180m of revenue from its legal services offering. Its legal income accounted for 50.4 per cent of its total revenue (22 August 2014).
Australia-listed law firm Slater & Gordon has also made a number of key acquisitions. Last September it acquired East Midland firm Flint Bishop’s Injured Patient Claims arm, a claimant personal injury and a clinical negligence team (8 September 2014).
The firm’s revenue smashed through the £100m barrier in the 2013/14 financial year, with an 119 per cent increase in turnover from £46.1m to £101m (12 August 2014).