Shulmans appoints partner as part of bid for growth

Mr Armstrong joins the Leeds-based firm as a partner from Lupton Fawcett, where he was corporate finance director for three years. He has a particular expertise in dealing with mergers and acquisitions, leveraged buy-outs and group reorganisations.

Shulmans said his appointment is part of the firm’s plan to grow by 50 per cent in five years and there will be further hirings in the department in the coming months.

Andrew Bradley, head of the division, said: “The barriers to accessing finance are still there for many clients. The same number of deals are taking place, only now with less bank money involved.

“We’re dealing with mergers where there is no external money, equity releases, deals that involved combinations of new equity and existing reserves and so on.

“In addition, due diligence is now much more detailed and wider scoped.”

Mr Armstrong, who lives in Leeds, has also held corporate finance positions with Hammonds and DLA Piper.

As well as acting for a broad range of businesses, his specialist areas include the healthcare sector incorporating the niche area of social care providers, both residential, domiciliary and supported living businesses, as well as retail pharmacies and owner operators of private clinics and dental practices.

He said: “The healthcare sector is very active and with a great deal of consolidation going on, and my arrival will position Shulmans to take advantage of this growing market.

“Corporate finance is also able to make huge contributions to other teams within the firm, such as employment and property.”

Jeremy Shulman said: “In a difficult economic environment when little or no funding is available from the banks, corporate activity is still possible through internal reorganisations, deferred consideration and/or private equity and paper transactions.

He added: “The past few years have proved challenging ones for many businesses, but because we have preserved our core skills – such as corporate finance – we are continuing to thrive.

“Our success is down to that preservation and in addition recognising there are opportunities for us in a depressed market in the non-traditional core areas.”