ACL to share in £13.5 million investment in Spirant
An eight-figure funding deal secured by an alliance of international businesses will secure the future prosperity of a Liverpool-based personal injury law firm and create further jobs in the city.
As part of the Spirant Group, a consortium of five companies operating in the legal, technology and medical services sectors, Accident Claims Lawyers UK is to benefit from a share of a £13.5 million investment that will enable it to substantially increase its overseas caseload.
The company’s managing director, Stephen Murray, said the money – committed by financier BOOST&Co in the UK and Australian business growth specialist Providior – would speed the growth of its sub-brand Novus Claims Solutions in the Southern Hemisphere and open further outsourcing opportunities in the US and Dubai.
Novus, which is marketed as a law firm in a box and provides the paralegal, operational and administrative resources that law firms need to deliver PI services, already receives 40 per cent of its cases from Australia.
“This investment is fantastic for us as a firm but also a rare positive among all the doom and gloom of personal injury law,” said Mr Murray. “Significant reforms have seen some high-profile collapses of previously strong players, which in turn has seen some banks become very nervous about supporting the sector.
“The funding is a strong endorsement of our business model, will create new jobs here in Liverpool and brings peace of mind to our existing staff, who can look forward to the excitement and fulfilment of global growth.”
In addition to the planned geographical expansion of Accident Claims Lawyers’ client base, Simon Gibson – CEO of Spirant, which will celebrate its tenth anniversary this summer and currently boasts a combined turnover of more than £20 million and 150-strong staff – said the multi-million-pound investment would lead to the imminent launch of a sixth operation.
“That we have attracted support in our future from two forward-looking organisations located tens of thousands of miles apart chimes perfectly with our strategic plans for growth,” explained the Spirant boss, who oversees the strategy of Accident Claims Lawyers UK, Accident Claims Lawyers Australia, Zeus Tech Solutions, Novus Claims Solutions and InstaMed.
“We launched Accident Claims Lawyers in Australia in 2017, InstaMed in 2019, are set to launch a third business there in the coming weeks and are attracting increasing interest in our services from the United States and Middle East.
“Despite wider economic difficulties and the significant challenges posed by a global pandemic, the talents of our people and their desire to help other businesses to ‘outsource smarter’ through the exploitation of technologies and offer of professional services ‘in a box’ have driven demand for Spirant’s solutions.”