UK firm Keoghs to take in external investment
Keoghs has confirmed that it will take on external investment once it receives approval from the Solicitors Regulation Authority to adopt an alternative business structure (ABS).
The firm has not indicated the identity of its investor, though the Manchester Evening News reports that private equity house LDC - part of Lloyds Banking Group - has acquired a stake in the law firm.
A spokesman for the law firm said: "Like many firms in our sector, we've been exploring the options presented by ABSs as a means of accelerating our long-term growth strategy.
"We have reached a provisional agreement with an external investor who shares our ambition and appetite for growth. However, completion remains subject to full SRA approval.
"Keoghs has established a leading position in the defendant insurance sector, achieved by continually evolving our business to ensure we can provide clients with cost effective, quality services. We're confident that securing external funding will enable us to accelerate the development of complementary services and invest further in our people, processes and infrastructure, all of which will benefit the long-term interests of our clients."
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