National law firm DWF has advised MoneyPlus Group, the Palatine Private Equity backed debt and financial services provider, on its acquisition of Richardson Mail Solicitors.
The deal will enable MoneyPlus Group to create a new legal service as its application for authorisation as a licensed body by the Solicitors Regulation Authority (SRA) has been approved, and through its new Alternative Business Structure, the Group is able to provide legal advice.
Commenting on the development, Chris Davis, CEO of MoneyPlus Group, commented: "I am delighted that permission had been granted by the SRA. By virtue of our move into the legal services market we have embraced exactly the intention of the Legal Services Act. We have an ever increasing consumer base, and this development will enable the company to service the various legal needs of those consumers and provide greater access to justice for them. I am particularly delighted that we are the first company in our sector to appreciate this potential.
"We now have the ability to advise consumers on a whole range of legal issues. The provision of this advice will cement the very strong relationship that we have with our consumer base and it underpins our strategy to become a major player in the legal services market."
Advising MoneyPlus Group on the deal, corporate partner Frank Shephard commented: "DWF are delighted to have again partnered with MoneyPlus Group in implementing their business strategy. MoneyPlus Group has built an exemplary reputation in their industry and the formation of an ABS within the group will allow greater access to justice for its clients whilst boosting the overall service that MoneyPlus can offer. Deals such as this formed the basis for the concept of the ABS and it is particularly pleasing to be able to bring our experience of the ABS process to the deal and to have helped MoneyPlus to be the first business in their sector to offer such a service."
Frank was supported on the deal by corporate director Lisa Stavropoulos and corporate solicitor Lucy Shenton.
Financial due diligence was carried out by Jodi Birkett and Paul Leather at Deloitte.