SCOTTISH law firm Thorntons has hiked revenue by 10.5 per cent to £29.8 million during a record year which saw it continue its acquisition spree by buying Morisons out of administration.
The company said it recorded the results for the year to May 31 2019 as its “ambitious growth strategy of recent years begins to deliver for the business and its clients”.
Thorntons said profit increase by 22.2% to £7.1m, adding the 57-partner firm has gone through a series of strategic mergers and acquisitions since 2014 as part of a five year strategy.
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It acquired the Edinburgh operation of Morisons LLP in March 2019 after the firm entered administration and eight former Morisons partners and 15 employees moved across to join Thorntons.
The company said that this - along with significant investments in organic growth, including its first Glasgow office and larger premises in Edinburgh - has “firmly established Thorntons as one of the largest full service firms in Scotland”.
It now has 11 offices across the country and employs over 500 people.
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Craig Nicol, managing partner at Thorntons, said: “Our 2018-19 results represent a record year and underline the success of our strategy for sustained growth across our business.
“Over the past few years, Thorntons has clearly demonstrated our commitment to investing for the long term and we are now firmly established as one of Scotland’s leading law firms
“The acquisition of part of Morisons has added significantly to our commercial offering in Edinburgh and Glasgow. We are delighted with the positive integration of the Morisons team and clients into Thorntons. Exceptional costs of the acquisition have been recognised this year, however profits have also risen by 22.2%.
“Notwithstanding Brexit uncertainty, we are seeing further growth.”
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