HKFsi and Davenport Lyons end merger talks
Howard Kennedy FSI (HKFsi) and Davenport Lyons have called off merger discussions. A combination between the two would have created a firm with combined revenues of £62.5m, based on their respective financial results for 2012-13, placing the merged firm on the fringes of the UK top 50.
February 27, 2014 at 07:54 AM
2 minute read
Howard Kennedy FSI (HKFsi) and Davenport Lyons have called off merger discussions.
A combination between the two would have created a firm with combined revenues of £62.5m, based on their respective financial results for 2012-13, placing the merged firm on the fringes of the UK top 50.
Earlier this month, it emerged that top-level discussions had begun after Davenport Lyons, based near London's Covent Garden, approached HKFsi – the product of last year's merger between West End firms Howard Kennedy and Finers Stephens Innocent (FSI).
A spokesperson for HKFsi confirmed talks had ended, adding that it has not affected its preliminary merger talks with Hampstead-based 11-partner firm CKFT Solicitors.
In a statement, HKFsi said: "We recently received an approach from Davenport Lyons to discuss with them the possibility of our firms merging. Following careful consideration, we have decided to withdraw from the discussions.
"We are still pursuing our discussions with CKFT, a smaller full service practice in Hampstead, and are at the very early stages. We remain committed to growing HKFsi and will consider any opportunities presented to us."
Davenport Lyons has not yet responded to requests for comment.
Davenport Lyons posted revenue of £21.9m for 2012-13, down 11% on the previous year's figure of £24.5m, while PEP tumbled 12.5% to £197,000.
Meanwhile HKFsi reported post-merger revenues of £40.6m in 2012-13, while profit per equity partner (PEP) stood at £129,000. The tie-up of Howard Kennedy and FSI went live in February 2013.
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