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This article was published on July 2nd, 2015
Thorneycroft Solicitors has been granted an alternative business structure (ABS) licence by the Solicitors Regulation Authority as part of a major restructuring of its operations.
The firm’s newly-formed parent company, TS Group Limited (TSG), is made up of six businesses, including insurance claims management business Bankstone, in which TSG now has a majority stake.
In addition to Thorneycroft Solicitors, the Group wholly owns: full-service accident management company, Claimcare; car hire business United Assistance; and specialist PI brands Claimant Law and Cycle Assist.
In a further change, Thorneycroft has welcomed Sue Carnwell, to its board. With over 15 years’ experience, she was most recently Finance and Commercial Director for legal, consultancy and training company Bibby Consulting Limited, where she oversaw the sale of the company to Citation Holdings.
The ABS licence is effective from today, and was secured with advice from the specialist Compli team at Weightmans.
Managing Director Rachel Stow says the flexibility ABS status provides is a natural development for the firm that is best known as a motorcycle injury specialist: “As a law firm we’ve always had one eye on the future and so weren’t caught off guard by the seismic changes in the legal services market.
“Our strategy to form strong strategic partnerships and acquire other complementary businesses has enabled us to continually innovate and grow. We are proud to have created a sustainable and diverse legal business, along with a far better service offering.”
This strategy has paid dividends, with the private client and business departments now accounting for more than 10% of turnover following a concentrated period of growth over the last two years. The areas of practice include conveyancing, family, lasting powers of attorney, wills and probate, and employment services for both businesses and individuals.
The firm’s PI operation has also been restructured into teams covering new business, portal claims (supported by a Thorneycroft app that aids communication with clients), non-portal claims, large loss claims and clinical negligence.
Thorneycroft Solicitors also plans to launch a non-legal services offering, harnessing the broad range of expertise available within the wider group.
Rachel says: “Continuous innovation is a big driver for me; as a result we have plans to launch a range of non-legal services later this year. I am hugely excited about taking TS Group to even greater success over the coming years.”
The business is owned by Rachel Stow, who has spearheaded the firm’s growth and diversification, along with a further seven group directors, and is on track to reach £15m turnover this financial year.
The group has also unveiled new branding which Ms Stow says is a nod to its Macclesfield roots: “Even though we’re a national business, our ethos remains deeply rooted in Macclesfield. We’ve sought to demonstrate this with the group mulberry tree logo, representing not only the solid foundations that our business is built on but also recognising Macclesfield’s heritage as one of the world’s biggest silk producers.”