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This article was published on August 10th, 2016
We are delighted to announce some very exciting news.
We yesterday completed on a deal that sees Financial Director Sue Carnwell, and Head of Catastrophic Injury/Large Loss Director Mark Belfield purchasing an equity shareholding in the business TS Group Ltd.
It also sees CEO Rachel Stow increasing her shareholding in the business.
TSGroup Ltd was set up last year when Thorneycroft Solicitors became an Alternative Business Structure (ABS), allowing the introduction of non-legal ownership. As well as Thorneycroft Solicitors Ltd., TS Group ownership comprises three other companies: a majority share in full-service accident management company Bankstone; and specialist PI brands Claimant Law and Cycle Assist. As well as funding provider OnClaims and Rehabilitation facilitator CMS.
Over the past two years, and spearheaded by solicitor Rachel Stow, TSGroup Ltd has diversified into other areas beyond its motorcycle injury heritage, by growing practice areas in private client, commercial, conveyancing, family, lasting powers of attorney, wills and probate, and employment.
Rachel Stow says the changes reflect the latest stage in the evolution of Thorneycroft Solicitors: “We’ve come a long way from that of a north-west motorcycle injury specialist into a cohesive group of complementary national businesses.
“We’ve made no secret of the fact that we intended to change and grow in response to the market and, ultimately to become masters of own destiny. Adding Sue Carnwell, an experienced finance director from outside the sector, brings a fresh dimension to our board, and along with Mark Belfield, who has been instrumental in the success of our business for over 17 years, we have created a strong structure for the future and have a real appetite for growth.”
This latest financial investment reflects the confidence all five owners have in the continued growth of the group of businesses.
Rachel says that innovation continues to be a key driver for her and her co-owners, and that they are now, amongst other things, looking at diversifying further with the launch of a non-legal services offering, harnessing the broad range of expertise available across group.
The group is on track to reach £15m turnover this financial year and plans to increase this to £20m over the next five years.