South West firm Trethowans has emerged as the fastest-growing firm in the UK with turnover of less than £24m, data gathered for the UK 200 has revealed.
Trethowans saw revenue growth of 22.6 per cent last year, partially driven by recent bolt-ons but supported by 14 per cent underlying growth.
The firm’s revenue increased from £13.3m in 2015/16 to £16.3m last year, with net profit up 27.2 per cent and average revenue per lawyer up 12.9 per cent.
Trethowans was one of three firms in the UK 200: the Independents which produced turnover growth of 20 per cent or more last year. London firms Wiggin and Memery Crystal reported increases of 21.5 per cent and 21.4 per cent respectively.
Over a five-year period, among the 87 Independents for which data is available, clinical negligence specialists Fletchers reported the greatest increase in turnover. The firm’s revenue has climbed 98.3 per cent from £9.6m in 2012/13 to £19m last year.
However Gordon Dadds’ turnover has more than quadrupled in the last four years from £4.4m in 2013/14 to £23.2m. The firm listed on the Alternative Investment Market earlier this year following a reverse takeover offer, and is aiming to use the proceeds to continue its strategy of rapid growth through acquisition.