Based on continued growth and impressive sales, the Coop can now claim to be the largest company providing Wills and probate services in the UK.
The profits for Co-opertative Legal Services (CLS) £800,000 profit for the opening 6 months is four times more when compared with 2017 figures.
The groups revenue is also up 31% from the previous year with impressive figures of £16.1 million when compared with revenue of £12.3 million in 2017.
Matt Howells, the managing director of CLS and of Life Planning, said: “reflecting a higher death rate in the first quarter and increased probate volumes, both from our existing business and following the acquisition of Simplify Probate.
“Underlying profit was £28m, slightly down on 2017 (£29m) as increased investment made into both premises and pricing to support ‘leading the market’ business approach.
“Our results show continued progress and strong underlying growth in revenue and profit across our business during 2018.
“The results are in line with our ambition to grow our Life Planning business which, following our acquisition of Simplify Probate earlier this year, we have made good progress with. We expect to have completed the integration onto our platform by the end of the year.
“More broadly, I’m pleased that our sales are continuing to increase across our practice areas. Key highlights include significant growth in probate and a 42% increase in people taking out wills with the Co-op.
“Our family practice is also building steadily and performing well, with an increase in clients.
“Looking ahead, we remain committed to expanding our life planning and legal business. We will be continuing to invest in our colleagues and our technology capabilities, to ensure that we continue to innovate and deliver high-quality legal services, to our members and clients at the right price.”
The acquisitions of Simplify Probate’s 170 staff and the second largest probate company in the UK has taken CLS passed the 600 employee mark and highlights a determination to continued growth and power in the sector.
Similarly, the CLS partnership further reflects the company’s aspirations as their affiliation with ‘Move With Us’ will help the business ingratiate itself within the conveyancing sector by looking at any assets from their estate administration work.
Whilst the rise in the power of CLS may strike fear into the hearts of Wills and probate specialists, customers may enjoy the ease a mainstream brand may bring to products that remain taboo.
How will the growth of CLS impact on the Wills and probate sector?
