£650k Expansion for Albion Legal Services
7th March 2007
A company that provides insurance and marketing services to the legal sector is expanding with a £650k finance package.
Albion Legal Services Limited offers bespoke insurance solutions to solicitors specialising in employment and health and safety law. The product enables solicitors to combine their professional services with an insurance policy to cover the cost of their fees and any tribunal awards.
The funding package included £350k from Merseyside Special Investment Fund’s £20m Mezzanine Fund and directors’ own investment. It is the second time that the company has been backed by MSIF.
The company, which was set up in 2001 by directors Mike White, Barry Davidson, and Mike Turner, has a UK-wide customer base and includes some of the country's leading employment law practices.
Chief Executive Mike White said: “Our product allows solicitors to compete with specialist consultants who offer a joint HR management and indemnity service. In turn their clients have the unique benefit of having their own solicitor’s expertise available to them under the terms of the Albion Scheme.
“The money from MSIF is crucial to our expansion plans. We now plan to take on around 35 additional sales staff and base them in some of our existing clients’ practices. The sales team will proactively manage our clients' existing customer base whilst forging real opportunities to grow their business.”
Malcolm Jones, Investment Director of MSIF’s Mezzanine Fund said: “Albion is operating in a niche market and has a proven track record. The company is run by a strong and experienced management team and we are pleased to be supporting them through this growth phase.”
For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040 or Angela.White@msif.co.uk
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Photo shows L-R - Mike White and Barry Davidson (Albion) Malcolm Jones (MSIF)
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