As expansive West End firm Gordon Dadds talks up its ambition to become a £100m business after going public last year, the new owner of Simpson Millar – which recently axed 91 jobs and had £17.7m in debt written off after its publicly-listed owner went bust – is not ruling out an initial public offering (IPO) after putting more than £50m into law firms over the last two years.
Following the administration of listed finance company Fairpoint Group last year, its former legal subsidiary, Leeds-based Simpson Millar, this week made 91 roles redundant following a consultation launched in December. Managing partner Greg Cox said Monday (26 February): ‘This was necessary to stabilise the firm after significant under-investment by Fairpoint Group during the period it owned the firm, which had resulted in a fall in revenue in 2017.’
