Compass Pointing to Success in 2007
07th February 2007
A Prescot-based business that is one of the UK’s largest claimant law cost consultants is expanding with backing from Merseyside Special Investment Fund (MSIF).
Compass Costs Consultants Limited provides a complete cost drafting and negotiation service to claimant solicitors seeking to recover their costs from the defendant in litigation cases.The company has built up an impressive client base that includes some of the UK’s largest solicitors’ practices.
Compass was set up in 2001 by Managing Director Phil Hodgkinson. In 2004 the company merged with law cost drafting firm, Armstrong & Company in a move that saw the bill-drafting department double in size. The company is now on target to reach turnover of £2.5 million this year.
The company has raised a funding package worth £50,000, which included a loan from MSIF’s Small Firms Fund and support from Barclays.
Managing Director Phil Hodgkinson said: “In recent years, changes in the law mean that claiming for costs is extremely complex. Before costs are paid, a detailed summary must be provided to the defendants and many solicitors are not adequately experienced in this area. Preparing this can take hours of time and getting it wrong can cost thousands. Our expertise means our clients can expect an increased income per case of between 10 and 30 per cent.
“The cash from MSIF was crucial to allow us to grow the business further. We have already taken on four new staff this month.”
Paul Humphray, Investment Manager of MSIF’s Small Firms Fund said: “This business has already demonstrated tangible commercial success. The company is run by an experienced and highly motivated team and we are pleased to be supporting them.”
Compass expect to take on a further 13 staff this year taking its total workforce to 50. Turnover is estimated to reach £5m in two years’ time.
For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040 or Angela.White@afm.uk.com
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Pic shows L-R Paul Humphray (MSIF) Phil Hodgkinson (Compass)
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