A law firm is set to grow its headcount and double turnover within the next five years, after securing a six-figure finance facility.
Tyr, based in Leeds, is a full-service practice founded three years ago by partners Alistair Kennedy, Dean Jowett and Matthew Fidler. Growing from a core team of just seven to more than 30 today, the firm recently relocated to a new office space in the city centre to enable future expansion.
Now, after securing a £340,000 finance package from Lloyds Bank, Tyr has completed its fit out of the new space, and is focusing on investment in recruitment and integrating a full suite of new digital technologies. It is also working to introduce a range of complementary service lines to broaden its offering to clients.
Over the last three years, the practice has already hit annual turnover of more than £3million, and is now on track to grow by 20% each year for the next five years.
Alistair Kennedy, partner and co-founder at Tyr, said: “Since starting up in 2019, we have been able to grow while not losing sight of the personalised, bespoke service and boutique feel our clients have come to expect from us.
“We had naturally reached the stage where additional financial support was needed to unlock our next stage of expansion, and we’re now on track to welcome yet more talented lawyers, refresh our digital offering to ensure we remain at the cutting edge of legal practice, and further expand our service proposition. We’re excited to see what the future holds for Tyr.”
Lara Berry, relationship director at Lloyds Bank, said: “Tyr’s growth journey should serve as inspiration to anyone looking to start up their own business. In just three years, it has become a trusted local brand, boasting an impressive head office with space to continue investing in new talent.
“We look forward to supporting Alistair, Dean and Matthew and the wider team as they continue on their growth journey.”
