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.rnHL 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.rnBefore 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.rnAs for advisors, HL Interactive invited accountants Alexander & Co and law company George Davis.rnLast 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.rnEspecially 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.rnTo remain successful, the firm has reduced costs. To increase the market share they plan strategic acquisitions and market monitoring.