A majority shareholder in a growing north west firm has eschewed the lure of an external acquisition by selling to existing partners. Harrison Drury has been bought by six members of its management team in a move that retains its independent ownership.
The MBO was led by partner and head of the firm’s property and construction division, Simon England, together with existing partners Nick Booth, Hannah Hughes, Malcolm Ireland, Rick Life and Mark Traynor. England will assume the role of managing partner.
Current majority shareholder and executive chairman John Chesworth will stay on as senior partner and support the new ownership team.
Chesworth acquired the firm in 2007 and has overseen growth from 12 staff in one office to 190 employees based at eight sites across Cumbria, Lancashire and Greater Manchester. Harrison Drury opened offices in Manchester and Southport as recently as last year.
Chesworth said: ‘From the very beginning, my vision for Harrison Drury was to establish it as a leading regional law firm in the SME market.
‘Central to this vision has been the focus on attracting, growing and retaining outstanding people, something that has led to the emergence of leaders across the business. I am incredibly proud to see some of those who have been integral to our success now poised to lead the firm into an exciting new era.’
By bringing through its own leadership team, the firm has rejected the option of merging with another practice and adding to the consolidation of the legal market.
England, who has been a shareholder since 2014, said the firm’s focus on recruiting, developing and retaining people with similar values has allowed for the firm to retain control.
‘Independence is at the heart of who we are. Retaining this ensures we can uphold our commitment to being a truly people-centred organisation,’ he added. ‘This enables our lawyers to enjoy the freedom of serving our clients – owner-managed businesses, entrepreneurs, and high-net-worth individuals – the way they know best.’
Accounts for the year to 31 December 2023 show the business on a sound financial footing, with net assets of £1.86m.
