This week, Slater and Gordon Lawyers UK (S&G UK), formerly known as Slater and Gordon Solutions Legal, released its annual figures, which reported losses and decreased revenue.[i]
Its most significant losses, totalling £400 million, were reported in 2015/16, when its acquisition of Quindell plc (now Watchstone Group plc) backfired. As a consequence, the share price of its former Australian Stock Exchange-listed owners plummeted.
The reporting period for the latest financial report ended 6 months before the UK business was taken over by hedge fund consortium, Anchorage Capital. In a transaction which saw £386 million in secure debt written off, the Australian parent company relinquished control.
Overall, in 2016/17 (year ending June 2017), S&G UK recorded losses in excess of £52 million, while revenues fell by 26.9%, to £231.5 million.
[i] John Hyde, ‘Slater and Gordon reveals £52m annual losses under old regime’ (13 September 2018 Law Gazette) <https://www.lawgazette.co.uk/practice/slater-and-gordon-reveals-52m-annual-losses-under-old-regime/5067524.article> accessed 13 September 2018.