THE husband-and-wife team behind North Yorkshire law firm Newtons Solicitors have bought North East practice Hodgsons & Mortimer.
Chris and Sarah Newton, who own Newtons Solicitors, have purchased Hodgsons & Mortimer, which has offices in Darlington and Richmond, from brothers Nick and Richard Hodgson for an undisclosed sum.
The pair founded Hodgsons & Mortimer in 1995 and it now has 15 staff and a £700,000 turn- over.
Both Nick and Richard Hodgson, who said they have “started to think about retirement”, will remain with the firm for a three-year ‘earn-out’ period when it will trade as a separate business until a new strategy is put in place by a new management team.
Mr and Mrs Newton, who founded Newtons Solicitors in 2009, will run Hodgsons & Mortimer as a separate entity alongside Newtons Solicitors, which expects fee income to reach £1.2m in this financial year. They said they were attracted to buying Hodgsons & Mortimer by “its geographical spread, its professional panel memberships and the fact that the practice has a similar business and private client base to Newtons”.
Mr Newton, the firm’s MD, said: “For the time being, we intend to run the two law firms separately, while allying systems and processes.
“There are tax and practical benefits from having two separately-regulated law firms but, in time, it would be great to have a single Newtons brand in the region.
“Hodgson & Mortimer is a good and profitable business with a loyal client base. We are giving Nick and Richard a good succession plan while they are giving us a solid foothold from which to develop our practice in the north of our region.”
Newtons Solicitors employs 27 staff working out of offices in Harrogate, Knaresborough, Ripon and York.