South Coast: Coffin Mew posts strong financial growth
South Coast law firm Coffin Mew has announced its end of year audited results to March 2015, posting healthy financial growth with a 7.9% increase in turnover after adjusting for discontinued activities in the prior year, and 7.5% increase in average profit per partner.
Turnover for the year ending 2014/15 was £10.02 million, up from £9.7m in 2013/14. Total profits for the year ending 2014/15 stand at £2.5m, up from £2.4m in 2013/14 after adjusting for discontinued activities in the prior year. The firm is achieving profitable growth and maintaining strong financial stability.
Coffin Mew was established 125 years ago and has 140 lawyers, professional advisers and business staff across five offices: Portsmouth, Southampton, Brighton, Gosport and London. In May, the firm opened new offices in Brighton as part of its strategy to widen its geographical reach on the South Coast in delivering services to local communities.
The firm has a bold vision and is looking to open further offices and to double its turnover over the next 24 months, through organic growth and strategic acquisitions.
Miles Brown, Coffin Mew’s managing partner, explained: “Our clients, both business and private individuals, need talented, commercial advisers that truly understand their needs. It is vital that we grow our business and develop our geographical reach to enable us to continue to attract the very best people and to deliver the services our clients demand in their own communities.
“Growth will come from acquisition, merging with ambitious and exceptional smaller firms, and from organic growth. The firm plans to double its current turnover to £20m over the next two years.”
The firm appointed Grant Thornton as the tax advisers and new auditors for its 2015 financial statements. Stephen Mills, a partner at Grant Thornton, said that the accountancy firm is delighted to be engaged by Coffin Mew, in line with its strategy to work with organisations with strong growth aspirations highlighted by Coffin Mew’s launch of its new office in Brighton.
Grant Thornton issued a report entitled: 'Where Growth Happens: The high growth index of places' in September 2014 that identified significant growth prospects in English towns. Excluding London, the report placed Brighton fifth on the index, a composite of economic growth and people growth indices compiled over the previous eight years.
