Two major high street conveyancing providers are exploring a potential merger, according to the Gazette.
Sources close to the legal publication believe McMillan Williams and Taylor Rose TTKW are considering joining forces to create ‘a conveyancing powerhouse.’
It is thought negotiations started over the weekend and are likely to be ongoing all week.
The deal could see the proposed ‘powerhouse’ combine to offer more than thirty offices across the country.
McMillan Williams currently boasts more than 20 established offices and has received recent multi-million pound investment from the Business Growth Fund (BGF).
Following Taylor Rose’s £500,000 acquisition of Breeze and Wyles (B&W) in Hertfordshire, the firm now employees over 500 people across 11 offices.
The sector has seen growth in mergers and acquisitions last year. Search Acumen’s ‘Conveyancing Market Tracker’ has documented the active number of conveyancing firms falling by a tenth in the past decade.
Furthermore, between 2018 and 2019 these numbers fell by a further 2 per cent from 4,126 to 4,024. The largest 200 firms accumulated record market share in 2019, peaking at 39.7 per cent.
It is thought that the law firms hope that their enterprise will ‘create a powerhouse in conveyancing which will enable each company, and its teams of solicitors, to prosper.’
How will this deal impact on the conveyancing sector?
