Ward Hadaway on the acquisition trail as it targets £100m turnover in 10 years
The new managing partner of Newcastle law firm Ward Hadaway says he is on the lookout for acquisition targets as part of an ambitious plan to more than double turnover.
Steven Petrie, who has been a partner at the firm for 12 years and took over from Martin Hulls in the top job earlier this month, told BusinessLive that he is looking at smaller firms between £5m-£15m turnover that could help accelerate Ward Hadaway towards £100m turnover by 2034, from its current position of £45m. With agents having already identified some targets, the approach could see the firm expand beyond its Newcastle, Leeds and Manchester bases into new territories.
Mr Petrie said future acquisitions could also help the firm grow its market share in Leeds and Manchester, where he described it as a medium-sized player with a smaller market position than in the North East. Both the larger Yorkshire and North West legal markets are seen as fertile ground for Ward Hadaway, which was set up in 1988 and last year reported operating profits of £12.28m.
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