Nabarro LLPs reveal £5m increase in partner cash contributions
Nabarro boosted its capital by £5m during the 2008-09 financial year after turning to the partnership to inject extra cash into the business. Figures contained within the firm's limited liability partnership (LLP) accounts show that partners contributed £16m into the business during the last financial year, up from the total of £11m the firm received from partners in 2007-08.
December 14, 2009 at 11:31 AM
2 minute read
Nabarro boosted its capital by £5m during the 2008-09 financial year after turning to the partnership to inject extra cash into the business.
Figures contained within the firm's limited liability partnership (LLP) accounts show that partners contributed £16m into the business during the last financial year, up from the total of £11m the firm received from partners in 2007-08.
The firm said that this was the first time it had asked for added capital from partners in more than a decade.
The accounts also show that the firm's cash in the bank dropped by £4m during 2008-09 to £10m.
The firm said that although it had not used its overdraft facility during the year, it would open renewal discussions with its bank in the New Year.
Over the year, Nabarro saw fee income drop by 9% to £126m from £140m, while profits per equity partner fell by 34% to £375,000.
The LLPs also show an increase in staff costs from £51m to £53m, attributed to a rise in salaries, recruitment fees and compensation paid out to the 22 staff members the firm laid off earlier in the year.
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