- Established in 2002 by three KPMG alumni, DSW is one of the first platform models disrupting the traditional model of accounting professional services firms;
- The capital from OakNorth will support its acquisition of DR Solicitors, the award winning, specialist law firm for medical professionals;
- The acquisition will be immediately and significantly earnings enhancing for DSW Capital, helping to further diversify its revenues, and support its market expansion;
- DSW is a long-term customer of OakNorth, which provided the business with a seven-figure debt finance deal in 2020 to support its strategic investment in Camlee Group.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided DSW Capital, the mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand, with capital to support its acquisition of DR Solicitors, the award winning, specialist law firm working exclusively with medical professionals including GPs and dentists.
Based in Daresbury, Cheshire and established in 2002 by three KPMG alumni, DSW is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW currently operates licensing arrangements with 24 licensee businesses and 108 fee earners across 12 UK offices, primarily trading under the Dow Schofield Watts brand.
Established in 2003, DR Solicitors has a client base of over 2000 practices throughout the country and advises on hundreds of transactions each year. The firm offers legal services to general practitioners, consultants, and other primary care providers across the UK. Co-founded and led by Daphne Robertson, the most highly ranked medical partnership lawyer in Chambers UK, DR Solicitors has been voted ‘Legal Service Provider of the Year’ by the General Practice Awards and ‘Lawyer of the Year’ in the Surrey Law Society Awards. Following the acquisition, Daphne and her co-founder, Nils Christiansen, will remain at the helm of DR Solicitors, working closely with the experienced senior management team at DSW Capital for support and collaboration.
James Dow, Chief Executive of DSW Capital, commented: “This is a game-changing acquisition. Not only is it immediately and significantly earnings enhancing, but it also diversifies our revenues, building resilience, and provides an opportunity to expand into new professional markets. Working with DR’s inspirational management team, we believe we can accelerate the growth of the business using the strength of the Dow Schofield Watts brand, and resources and, over time, build a substantial platform of diversified, niche legal services. We are committed to supporting Daphne, Nils, and the DR team in the holistic growth and development of the business and welcome everyone warmly to Dow Schofield Watts. We’re grateful to the team at OakNorth for their ongoing support – they continue to demonstrate their entrepreneurial approach, transparency and flexibility.”
Stewart Haworth, Debt Finance Director at OakNorth, continued: “DSW Capital is a profitable, fast growing, mid-market, challenger professional services licence network with a cash generative business model and scalable platform for growth. Its unique challenger model represents a differentiated proposition in a rapidly evolving market, winning it dozens of awards and industry-wide recognition. This is clearly aligned with DR Solicitors which has a commendable trophy cabinet of its own and an equally impressive reputation. We’re delighted to once again have been chosen as the trusted funding partner to DSW and look forward to continuing to support the business in its future growth ambitions.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering the lower mid-market (businesses with £1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £12bn to these businesses, directly helping with the creation of 47,000 new jobs and 29,000 new homes across the UK;
- Provide deposit services to over c.285,000 savers.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Valentina Kristensen, Corporate Affairs Director – [email protected] / [email protected] / 0757 234 9009