We are preparing for a potential upturn in business after securing a loan from our new banking partner Lloyds TSB Commercial. While private client work has dropped across the industry over the past two years, we have focused on growing our reputation and market share, enabling us to maintain our level of fee income despite the difficult conditions. We have seen an increase in commercial property work and are keen to capitalise on the new opportunities that could be created in the sector during 2010.
In order to restructure our finances and resources to reflect the changing market conditions, we followed a recommendation from another practice and switched our banking to Lloyds TSB Commercial, which has a specialist team in place for solicitors. The bank provided a substantial loan that enabled us to refinance existing debts and boost cash flow levels, ensuring we have the capacity to take on new clients while continuing to offer our core services.
Steve Kirwan, Managing Director, said: “The successful merger with Arthur Boulton & Son in 2007 enabled us to increase our geographical reach and increase the range of skills and experience we offer our clients. The recession has been challenging, but we’ve worked hard to ensure we provide our clients with the highest standards of service and have continued to build on our strong reputation. Securing funding from Lloyds TSB Commercial has boosted our working capital and enabled us to focus on our core business so that we are prepared to continue increasing our market share as the economy grows.”
Chris Bailey, Legal and Professional Sector Business Development Manager for Lloyds TSB Commercial, said: “Now is the right time for companies to take stock of their future direction. Nowell Meller Solicitors has put itself in a strong position to capitalise on a new period of growth when an upturn in market conditions arrives by evaluating and improving its financial wellbeing. Building a strong reputation, providing a quality service and steadily increasing market share is a key strategy for all businesses in the current climate and has been well executed by the practice. Our specialist legal sector team worked closely with the senior directors at the company and structured a tailored finance package that matches its ambitions and business strategy.”
