17 October 2012
Portfolio buys its second law firm
Quindell Portfolio has bought its second law firm. It is to acquire personal injury firm Pinto Potts Solicitors for an upfront payment of £1.5m, plus a further £1.5m and 87.5 million Quindell shares (subject to lock-in arrangements ranging from 12 to 36 months) in 12 months’ time, subject to regulatory approval.
In return, Pinto Potts has warranted a profit after tax of £2m and operating cash flow of £1.5m for the year ending 31 August 2013.
In January, Quindell bought Liverpool-based personal injury firm Silverbeck Rymer for £19.5m.
