Monday February 7th, 2022 -
Growth capital for one of the UK’s leading legal service providers
The Challenge
Founded in 1972 and with offices in Bristol, Leeds, Solihull, Cardiff and Edinburgh, Lyons Davidson is a large-scale provider of legal services to the end customers of some of the UK’s largest insurance operators. With the general insurance industry’s revenues expected to grow by over 3% and reach c.£83B by 2025-26 and new government reform of personal injury claims coming into effect that led to more consolidation in the market, Lyons Davison was seeking a trusted lending partner who could help them capitalise on this opportunity.
Opportunity & Outcomes
We were able to support Lyons Davidson by providing them with a £5M working capital facility, allowing the firm to effectively manage the increased demand for its services, as insurers consolidate away from more traditional providers which are unable or unwilling to provide efficient technology based solutions.
there’s a unique opportunity for tech-native firms like ours that can also deliver a high level of customer service, to gain additional market share and further strengthen relationships with our insurance partners. We’re therefore grateful to the team at OakNorth Bank who were able to move quickly to ensure we got the funding in time for the new reform coming into effect.