Buy and build insurance BPS player Quindell Portfolio has finally received regulatory approval from the Solicitors Regulation Authority (SRA) to operate an Alternative Business Structure (ABS) for legal services. It has taken a full eleven months to get it since announcing the acquisition of Silverbeck Rymer Solicitors back in January (see here). Quindell has since made three more legal services acquisitions of Pinto Potts Solicitors, Abstract Legal Holdings (ALH), and The Compensation Lawyers (TCL) (see here and work back).
The long-awaited announcement means that Quindell Legal Services can operate legitimately as an ABS within Quindell’s business structure, operating alongside the automotive claims, medical assessments, and rehabilitation services business activities. Quindell said it now plans to drive the legal services business forward via organic growth, creating over 300 new positions over the next twelve months.
Quindell also updated on performance for the fourth quarter and year ending 31 December, which it said will be ‘significantly ahead of market expectations’. Apparently, ‘anticipated’ pilot run rate revenues have doubled since 3 December, when it made a flurry of announcements (see Quindell spins multiple plates). Meanwhile, EPS in Q4 will be at least on a par with Q3’s 86 pence. This will be welcome news for investors who have seen their shares diluted in recent months (see Quindell raises another £20m, and work back). Indeed investors continue to be pleased with Quindell's strong growth story. Its shares are up 12% today, and up c167% ytd.