Solicitors Practice for Sale - NE Postcode area

We are delighted to have been retained by a Three Partner Solicitors Practice with offices in the NE postcode area of Tyneside. The Principal is interested in selling the Practice due to approaching retirement and a desire to devote energies to other business interests, but would be willing to remain with the Practice as a Consultant for a short while to smooth a transition.

Turnover for the most recent financial year was £1,187,000 and is made up approximately of Residential Conveyancing (70%), Commercial Property (1%), Matrimonial (16%), Wills/Trust/Probate (10%), and Children + Welfare (3%). The firm have recently launched a debt collection service which is expected to add £300,000 to the turnover in the next couple of years.

The Firm have a legal aid franchise in family and childcare.

In addition to the Principal, there are 3 Salaried Partners, 2 Consultants and 20 full time equivalent support staff.

The Principal owns the freehold of the Firms’ offices which would be available for sale or lease. The offices are based on a busy road, just a short walk from the centre of this very busy and bustling town in South Tyneside, close to banks, a shopping centre and a one minute walk from a Newcastle Metro Station.

There is huge potential to develop this practice to incorporate other areas of law that the firm are not currently handling and with its close proximity to Newcastle, Sunderland and Middleborough, makes it an ideal location as a spring board to target the private and commercial clients in the North East.

If you are looking to acquire an established Solicitors Practice in the North East, this would be ideal for you. Alternatively, we believe the Practice would be of interest to provincial Firms wishing to gain a foothold in the North East to develop their Commercial and Private Client bases in this increasingly affluent area.

Contact us for more details.