Quindell buys another

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.