After reporting financial losses for two consecutive years, HCC Solicitors announces a return to profitability.
- The firm recorded a pre-tax profit of £1.2 million with turnover up by nearly 30%.
- Strategic restructuring and debt reduction played a crucial role in this financial recovery.
- Opening a new office in Plymouth signifies HCC’s national expansion strategy.
- The firm has strengthened its team with new hires in both Plymouth and London.
HCC Solicitors, a Manchester-based personal injury law firm, has made a significant financial comeback, announcing a pre-tax profit of £1.2 million for the year ending April 2023. This marks a substantial turnaround compared to prior years when the firm endured losses of £260,000 and £143,000, related closely to the governmental reforms impacting personal injury claims for low-value road traffic incidents.
The firm’s turnover increased by nearly 30% to reach £10.5 million. A strategic internal restructuring contributed to these improved results. The firm has effectively adjusted its operational model by reducing the value of work in progress and cutting debts owed to creditors by 40%. In addition, HCC strengthened its financial position by maintaining over £500,000 in cash reserves and boosting net assets by 55% to £3.2 million.
The firm has been actively pursuing geographic expansion to solidify its national presence. A new office in Plymouth is a key part of this strategy, affirming HCC’s commitment to representing clients with significant injuries and supporting bereaved families. Hollie Muckley, bringing experience from her roles at Barts Health NHS Trust and the Home Office, will lead the Plymouth operations, enhancing the firm’s capabilities in handling complex cases.
David Horwich, director at HCC, articulated that the recent results are a testament to the firm’s substantial investment in regional expansion and recruitment of skilled lawyers capable of managing an increased volume of cases. His confidence reflects a strategic vision centred on sustained national growth to better serve their client base.
In a further attempt to bolster its expertise, particularly in the capital city, HCC has recruited two senior associates for its London office. These additions include Elizabeth Hayward from Clyde & Co and Heather Petrie from Bolt Burdon Kemp, marking strategic hires to strengthen its serious injury legal team.
HCC Solicitors’ return to profitability and strategic expansion plans illustrate its robust recovery and commitment to growth and client service.
