A management buyout at long-established general practice law firm Walker Foster has been completed, with support from our commercial law team.

Equity directors Maxine Heppenstall and Ian Haynes acquired the entire share capital of the West and North Yorkshire-based practice upon the retirement of Stuart Rowland and Keith Hardington, who had jointly dedicated more than seven decades to the business.

The 80-strong legal practice, which was established in 1919 and has offices in Skipton, Ilkley, Barnoldswick, Harrogate, Northallerton, Silsden and Settle, has also undergone a restructure with the creation of a new board of directors.

Maxine retains her role as managing director and Ian continues as head of residential conveyancing. Executive director Craig Williams becomes head of corporate & commercial, following the merger of the two departments, and Jayne Schofield has become an executive director and director of operations.

Head of private client, Katie Ingham, and head of family, Sara Rutter, become directors to complete the new board.

Maxine Heppenstall said: “With Keith and Stuart taking retirement Ian and I decided that, alongside the MBO, it was the perfect time to restructure the senior team. Walker Foster is an established and respected firm and this is an important step in its progression and growth, ensuring continuity, fresh perspectives and strong leadership.”

Partner Michael Cantwell from our corporate team advised Walker Foster on the transaction, alongside colleagues Lucy Holroyd and Andrada Frates.

Michael Cantwell said: “We have worked alongside Walker Foster for a number of years and were delighted to be able to support Maxine and Ian in ensuring a smooth exit for the retiring equity partners and taking this well-regarded business into its next chapter.”

Walker Foster were also supported by Joel Topham and Alistair Walshaw from AAB, to provide valuation and tax support, with Parvez Kamal of NatWest providing funding support.