Forsters focus secures fourth year of growth
Forsters has announced results for 2013/2014 with fee income rising by 12 per cent to £36.5 million.
Forsters has recorded double digit growth in fees for a fourth consecutive year, during which time its revenue has increased by 66 per cent. Profits to 31 March 2014 increased by 17 per cent, with profits per partner (PPP) rising from £308,000 to £350,000 and profit per equity partner (PEP) up from £431,000 to £501,000.
The increase in revenue was recorded across all practice areas. Forsters' corporate and litigation teams enjoyed their best ever years. Forsters' private wealth business continued a pattern of growth, which has seen it double in size over the last five years.
The highlight was strong performance across Forsters' real estate business, which benefitted from greater confidence in the property market and significant client wins. Forsters saw a big increase in investment work and secured a number of important new client mandates, particularly for international investors.
Forsters is predicting further growth across all of its core practice areas next year and has embarked on a recruitment drive with the aim of increasing headcount by 15 per cent in 2014/2015.
Paul Roberts, Managing Partner said: "These increases in revenue and profit are impressive enough on their own but what is really pleasing, is the way we have grown our business consistently over the last four years."
“This growth is a result of our commitment to and focus on core business areas of real estate and private wealth, which is what our clients best know and respect us for. In both areas of work we have one of the strongest teams in London and, I believe, our clear focus on these sectors is an important reason why we have been able to grow our business year on year."
“Last year, we committed our future to Mayfair by taking new offices and increasing our space by a third. This means we now have the room to expand and this is allowing us to recruit across the firm. Forsters is uniquely well placed to advise UK and international private wealth and investors looking towards UK real estate. We see enormous opportunities for further growth next year".
Forsters advised on a number of high profile deals in 2013/2014, including the purchase of the London Marriott Hotel off Grosvenor Square, which was acquired by Joint Treasure International Limited for £126 million, and SWIP Real Estate’s sale of Enterprise House to M&G Real Estate for £53 million. Forsters also acted for a number of new overseas entrants into the UK real estate market, including acting for leading Japanese multinational Takenaka Corporation and its group companies on the £112.5 million acquisition of One Fleet Place, London EC4.
Forsters was particularly active in the London residential market in a year which saw the firm handle the sale and purchase of more than 2,000 properties with a total value of more than £2 billion and also saw its appointment to handle residential sales for Land Securities at its Nova scheme near Victoria Station, SW1.