OakNorth, the digital bank for entrepreneurs, has provided DSW Capital with a £3m revolving credit facility to support its acquisition of DR Solicitors, the leading law firm for healthcare professionals.
Based in Daresbury, Cheshire and established in 2002, DSW currently operates licensing arrangements with 24 licensee businesses and 108 fee earners across 12 UK offices, primarily trading under the Dow Schofield Watts brand.
Established in 2003, DR Solicitors has a client base of over 2,000 practices throughout the country and advises on hundreds of transactions each year.
The firm offers legal services to general practitioners, consultants, and other primary care providers across the UK.
Co-founded and led by Daphne Robertson, the most highly ranked medical partnership lawyer in Chambers UK, DR Solicitors has been voted ‘Legal Service Provider of the Year’ by the General Practice Awards and ‘Lawyer of the Year’ in the Surrey Law Society Awards.
Following the acquisition, Robertson and her co-founder, Nils Christiansen, will remain at the helm of DR Solicitors, working closely with the experienced senior management team at DSW Capital for support and collaboration.
James Dow, chief executive of DSW Capital, commented: “This is a game-changing acquisition. Not only is it immediately and significantly earnings enhancing, but it also diversifies our revenues, building resilience, and provides an opportunity to expand into new professional markets.
“Working with DR’s inspirational management team, we believe we can accelerate the growth of the business using the strength of the Dow Schofield Watts brand, and resources and, over time, build a substantial platform of diversified, niche legal services.
“We are committed to supporting Daphne, Nils, and the DR team in the holistic growth and development of the business and welcome everyone warmly to Dow Schofield Watts. We’re grateful to the team at OakNorth for their ongoing support – they continue to demonstrate their entrepreneurial approach, transparency and flexibility.”
Stewart Haworth, debt finance director at OakNorth, continued: “DSW Capital is a profitable, fast growing, mid-market, challenger professional services licence network with a cash generative business model and scalable platform for growth.
“Its unique challenger model represents a differentiated proposition in a rapidly evolving market, winning it dozens of awards and industry-wide recognition.
“This is clearly aligned with DR Solicitors which has a commendable trophy cabinet of its own and an equally impressive reputation. We’re delighted to once again have been chosen as the trusted funding partner to DSW and look forward to continuing to support the business in its future growth ambitions.”
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering the lower mid-market to support growth, prosperity, and innovation for the benefit of all.