Third PI law firm purchase for Quindell
AIM-listed Quindell, which bought law firms Silverbeck Rymer and Pinto Potts earlier this year, has purchased a third personal injury law firm, and claims management company Accident Advice Helpline.
Quindell Portfolio Plc will acquire ABStract Legal Holdings (ALH), the parent company of Accident Advice Helpline, on 2 April, subject to regulatory approval, but has immediate exclusive rights to provide legal services. It paid nearly £20m, with a further payment due on completion of nearly 268 million shares (worth almost £47m at current value). ALH recorded revenues of about £20m last year.
It will pay £30,000 and 2.2 million shares (worth about £385,000) for personal injury law firm The Compensation Company, subject to regulatory approval.
Rob Terry, chair and group chief executive of Quindell, says: “The addition of a proven, trusted, direct consumer channel to our business model allows us to manage claims from the full range of sources through a managed, ethical supply chain, driving down the cost of claims for the industry.”
The company bought Silverbeck Rymer for £19m and Pinto Potts for £3m. It also owns a network of independent claims-management companies, Intelligent Claims Management.
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