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April 1, 2017

Greenaway Scott Achieves 'Vital' Industry First

Greenaway Scott recently announced they have become an Alternative Business Structure (ABS), leading the way in the Welsh business community.

Already an award-winning business advisory firm Greenaway Scott has had approval from the Solicitors Regulation Authority (SRA) to alter its structure to an ABS, allowing the firm to operate within a multi-disciplinary group structure delivering other professional services, alongside our legal activity, in the future.

Greenaway Scott will continue to trade as a law firm, but the new structure also will enable the firm to raise private equity, and external funding for its business activities going forward, as the change to an ABS will allow non-lawyers into its ownership structure.

The multi-disciplinary group structure is seen more commonly across the accountancy profession, but Greenaway Scott is set to become the first predominantly commercial services law firm in Wales to adopt it. The move comes on the back of soaring growth of almost 100 percent between 2015 and 2016, with lucrative advisory deals reaching a combined value in excess of £130 million in the last 12 months.

Founder Nigel Greenaway will continue to act as the firm’s CEO, while Peter Wright will continue as chairman, and Greenaway Scott are also actively taking steps to develop a modernised corporate finance lead advisory boutique. This will sit within the group and focus on dynamic early stage and fast growth businesses, and look at a number of additional services that fit with the aim of providing a multi-disciplinary group geared specifically toward the mergers and acquisition market.

Nigel Greenaway commented:

"We are delighted to obtain SRA approval for the step change in the Greenaway Scott business structure. The ability to develop as an alternative business structure introduces a great deal of flexibility into our decision making.

"This progressive transition comes after a considerable amount of research and effort on the part of our team and we are delighted to be moving forwards with it.

"The altered structure will allow us to raise private equity, which is a key change for us as a firm, and will allow us to pursue expansion plans more aggressively and with greater geographical reach. "However, the intention is for Greenaway Scott to continue to provide very specialist services into the mergers and acquisitions market, so we will still have a narrow focus on the type of work it undertakes. We are not about to become an accountancy firm."

Peter Wright Chairman added:

"Greenaway Scott always aims to be progressive and client-focussed in its business approach.

"So we are extremely pleased to be taking the ABS structure forward as we feel this is a vital step for our business and our clients. Our decision making is always long term in nature and this is a key step on our structured approach to the future."

Greenaway Scott provide corporate, commercial and intellectual property advice to companies, with particular sector specialisms in the life science, technology, pharmaceutical and IT sectors.

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