Manchester law firm Linder Myers has purchased an eight-storey office block in the city after securing a £6.75million funding package from Yorkshire Bank.
The firm, currently based over two buildings in Cross Street, Manchester, has bought 55 Spring Gardens and will begin moving some of its operations there in 2012.
It has purchased the property, which has 47,500 sq ft of accommodation, for around £8.2million.
The move will allow the firm, which has 24 partners and 44 fee earners in Manchester, to significantly expand by adding new specialist teams.
The team at Yorkshire Bank was led by senior partner Paul Nielsen, who was assisted by credit partner Brian Don and Nick Donnini from the bank’s portfolio assurance and advisory team.
Paul Nielsen, senior partner at the bank’s Manchester Financial Solutions Centre, said: “Linder Myers has a very clear strategy for continued expansion and this purchase of 55 Spring Gardens will allow it realise its ambitious growth plans which include new specialist teams and services.”
Bernard Seymour, managing partner of Linder Myers, said: “This purchase is a major statement of our intent. We will continue to seek lateral hires and we’re also considering a merger in the city as well. Yorkshire Bank has been incredibly supportive and its integrated approach was the key to getting this deal completed.”
Linder Myers’ fee income for the year up to November 2010 was £9.7million and the firm says it is looking to grow annual turnover to £25million and be operating in up to six regions.
The firm has recently a number of senior hires to its corporate & commercial, property, and regulatory & compliance teams. It has just launched an intellectual property team and is also looking to establish teams focusing on charities and pensions.
As well as 24 partners and 44 fee earners in Manchester, it has a further eight partners and 16 fee earners across its operations in Lancashire and Shropshire.
At present, 55 Spring Gardens is almost fully let on a short term basis. It was sold by Hermes Real Estate Investment Managers on behalf of the British Telecom Pension Scheme.