Halliwell Sells 90% of Volume Conveyancing Business

As a result of a 5 per cent decline in turnover registered in April 2009, law company Halliwells decided to sell off its volume conveyancing business, HL Interactive LLP. The sum of the purchase made by a management buy-out team is not disclosed.
HL Interactive’s chief executive, Matt Wightman, headed this buy-out team and Co-Operative Bank provided financing. Halliwells sold 90 per cent of equity stake, retaining 10 per cent, and Mike Hutchins, ex-head of retail operations in Royal Bank of Scotland, was chosen as chairman.
Before organising HL Interactive in 2004, Wightman worked at Haliwells as a head for financial institutions for 10 years. He believes that HL Interactive has a very strong brand and its reputation is excellent.
As for advisors, HL Interactive invited accountants Alexander & Co and law company George Davis.
Last year was quite challenging for Halliwells, and the next year promises further difficulties. However, the firm is ready to face these challenges as it has a very solid foundation, so the business will continue developing.
Especially profitable for the business were insurance and commercial litigation departments, who had an income of £34m. The firm has big corporate clients, such as AXA Insurance, Legal & General, Sheffield Forgemasters and Unoted States Utilities.
To remain successful, the firm has reduced costs. To increase the market share they plan strategic acquisitions and market monitoring.