NAHL Group PLC Granting of ABS Licence and agreement with NewLaw (2778G)
26 May 2017 - 4:00PM
UK Regulatory
TIDMNAH
RNS Number : 2778G
NAHL Group PLC
26 May 2017
26 May 2017
NAHL Group PLC
("NAHL" or the "Group")
Granting of ABS Licence and agreement with NewLaw Legal Limited
("NewLaw")
NAHL, the leading UK consumer marketing business focused on the
UK legal services market, is pleased to announce that following
granting of an Alternative Business Structure (ABS) licence by the
Solicitors Regulation Authority, the Group has signed an agreement
with NewLaw, a wholly owned subsidiary of Redde plc. The ABS will
trade under the name Your Law LLP. It is expected that the ABS will
commence on 1(st) July 2017.
As previously announced, following the Government's consultation
first unveiled in November 2015 into the PI market, the Group
consulted with its Panel Law Firms (PLFs) and opted to continue
with the strategic decision taken in 2016 to invest in dealing with
a proportion of its enquiries through different commercial and
structural arrangements to those normally deployed.
The ABS will allow NAHL to have an ownership interest in a
company providing legal services and the agreement with NewLaw will
enable NAHL to participate in that venture and take a share of
profit from work processed by the ABS.
Our forthcoming relaunch of the National Accident Helpline (NAH)
brand is expected to increase our market share and this ABS, along
with similar such ventures, will enable us to place the incremental
enquiries generated by this increased investment. It is anticipated
that in the coming years ABS structures will account for up to 30%
of our total enquiries.
As a result of NAHL now being the controller of an SRA regulated
entity, the Board will be writing to all shareholders to explain
the implications for them. This advice will also be published on
the Group's website in due course. The principle issue that
shareholders should be aware of is that under The Legal Services
Act 2007 the Group may be required to seek approval from the SRA in
the event a shareholder acquires a holding of 10 per cent or more
of the Group's ordinary shares or voting rights.
Russell Atkinson, CEO of NAHL, commented:
"We are delighted to have entered into this agreement with a
partner of NewLaw's industry standing. The setting up of this ABS
is a positive development in executing the Group's strategic plans
to advance its business model and prepare the division for the PI
market changes announced by the Government in February 2017.
NAH has been working together with NewLaw since December 2015 on
a trial basis with a view to setting up Your Law and the Board is
confident in the anticipated performance and impact that this ABS
will have for the Group.
Our Panel Law Firm partners remain central to our plans. The ABS
will enable us to grow our share of the PI market, whilst
continuing to provide high quality marketing services to them as
well as offering trusted and professional legal advice to
consumers."
For further information please call:
NAHL Group PLC via FTI Consulting
Russell Atkinson (CEO) Tel: +44 (0) 20
Steve Dolton (CFO) 3727 1000
Investec Bank plc (NOMAD & Tel: +44 (0) 20
Broker) 7597 5970
Garry Levin
James Ireland
David Flin
David Anderson
William Godfrey
FTI Consulting (Financial Tel: +44 (0) 20
PR) 3727 1000
Oliver Winters
Alex Beagley
James Styles
Notes to Editors
NAHL Group
NAHL Group plc is a leading UK consumer marketing business
focused on the UK legal services market. The Group comprises three
companies: National Accident Helpline (NAH), Fitzalan Partners
(Fitzalan) and Bush & Company Rehabilitation (Bush). NAH
provides outsourced marketing services in the personal injury
market, Fitzalan, which includes Searches UK a leading conveyancing
search provider, provides marketing services in the property market
and Bush provides a range of specialist services in the
catastrophic injury market.
More information is available at www.nahlgroupplc.co.uk and
www.national-accident-helpline.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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