BLP bank debt up sharply as 2012/13 annual reports filter through
Growing debt was a recurring theme in the limited liability partnership (LLP) accounts filed in January, led by Legal Business 100 top-20 UK firm Berwin Leighton Paisner, which, after a year of partner departures and a significant drop in profit per equity partner, revealed a 223.7% increase in bank borrowing in the 2012/13 financial year.
The 790-lawyer firm’s borrowing ballooned to £45m from £13.9m in the previous year, on the back of new bank loans totalling £31.1m.
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