Fairpoint receives approval to acquire Simpson Millar Solicitors

17th Jun 2014 09:28

Financial services group Fairpoint has completed the acquisition of Simpson Millar Solicitors together with associated companies for £7m.The group, which has now received approval from the Solicitors Regulation Authority, first announced the acquisition on April 9th. The transaction is in line with Fairpoint's strategy of diversifying its income streams in adjacent markets such as legal services, the group said.Chief Executive Officer Chris Moat said: "Simpson Millar has already made significant progress in developing a powerful consumer offering, through the combination of strong legal skills with the innovative application of technology and legal processes. "From this solid platform, we look forward to working together to further develop the group's enlarged consumer-focused legal services business, accelerating the growth of the group in this market and delivering enhanced earnings."As of 09:57 the share price was unchanged at 133p.WS