From left: Richard Entwistle, River Capital Investment Manager Jim Moore and Shoab Panwar
Press Release:
River Capital has announced a six-figure loan to Black Norman Solicitors through its NW Business Growth Loan Fund. The funding will support a MBO and succession plan at the long-established Crosby-based law firm, ensuring its continued success and growth.
Black Norman Solicitors, founded in 1976, has built a strong reputation over nearly five decades, specialising in property and private client work and the loan will enable two of the firm’s current owners & directors, Richard Entwistle and Shoab Panwar, to acquire the shares of founding partner Howard Norman, who at 74 is transitioning to a consultancy role after 48 years in practice.
“We’re pleased to support Black Norman Solicitors in this important transition,” said Jim Moore, Investment Manager at River Capital. “The firm has a strong track record spanning nearly five decades, and this funding will help ensure its continued success under the next generation of leadership. It’s a testament to the firm’s resilience and adaptability that they’re undertaking this succession plan while also focusing on future growth.”
The loan will be used to facilitate the share buyout, and providing some working capital to support future growth and expansion plans. Black Norman Solicitors currently employs 30 staff and plans to create 5 new full-time positions over the coming years, contributing to increased job creation in the local economy.
Richard Entwistle, Director at Black Norman Solicitors, commented: “We’re grateful for River Capital’s support during this pivotal moment for our firm. This funding allows us to implement our succession plan while positioning the business for future expansion that includes incorporating new talent to lead the business in the future. It’s an exciting time for Black Norman Solicitors as we build on our strong foundation and look towards new opportunities.”
Shoab Panwar, fellow Director at Black Norman Solicitors, added: “This investment from River Capital is a vote of confidence in our business model and our plans for the future. It will allow us to continue providing high-quality legal services to our clients while also investing in our team and infrastructure.”
The NW Business Growth Loan Fund, managed by River Capital, provides debt funding between £100,000 and £500,000 to small and medium-sized enterprises across the North West to support growth and job creation. This investment in Black Norman Solicitors aligns with the fund’s mission to foster economic development and support established businesses in key sectors.
ENDS