Biggest debt-chasing firm in UK is launched in Bradford (From Bradford Telegraph and Argus)

Biggest debt-chasing firm in UK is launched in Bradford

11:00am Monday 20th February 2012 in Business By Chris Holland

Bradford is to become the base of the UK’s largest legal firm specialising in debt collection and debt litigation through the planned merger of two leading operators.

The merger between Bradford-based Drydens Lawyers and Leeds-based Fairfax Solicitors will create a £15 million turnover business which will be the largest of its type in the UK employing 300 staff in Little Germany – 170 from Drydens and 130 from Fairfax.

The merged company will trade as ‘drydensfairfax’ solicitors.

Both firms were previously part of national law firms before separating to become specialist debt collection and debt litigation practices representing some of the country’s largest financial institutions as well as key Government departments. Drydens is ranked as a national ‘top tier’ firm by independent directory Legal 500.

Drydens executive chairman Philip Holden will become chief executive of the merged operation with Peter Wordsworth, currently chief executive of Fairfax, becoming director of client management and business development for all ‘drydensfairfax’ clients.

Mr Holden said: “This really is a merger in every sense of the word. Drydens is particularly strong on secured recoveries and Fairfax is focused on unsecured and Government work. The new operation combines an excellent debt collection business with an exceptional debt litigation practice.

“As a regulated law firm with the highest levels of compliance combined with a quality culture and strength in depth we are in a unique position to take advantage of these factors and grow our business.”

Mr Wordsworth established Fairfax Solicitors as one of the leading legal brands in the industry only two years after completing the management buy out from Eversheds.

He said: “The most important thing to me is how positive and supportive the clients have been about the news of the merger.

“It is clear that at a time when several of them are looking to integrate their secured and unsecured recoveries operations and all of them are looking for scalable and highly compliant service providers, the merger makes perfect sense.

“I am very excited about the holistic solution we are now able to offer and am looking forward to working with our clients to maximise the benefits that the merger will bring to them.”

The merger is expected to formally complete on Monday April 2, initially operating from its existing two sites before re-locating to Drydens purpose-built offices later in the year.

In 2010, Drydens, based in Humboldt Street, acquired commercial recovery specialists LCL Collections, of Salem Street, to boost its commercial debt recovery operations. Drydens was formed in 2003, although its roots go back to 1984 when it was an operating unit of Leeds-based law firm Hammonds, now Squires Saunders.

Drydens was formed in 2003 although its roots go back to 1984 when it was an operating unit of Leeds-based law firm Hammonds, now Squires saunders.

It was acquired in 2009 by Philip Holden,a former insolvency partner at DLA Piper.