MMS merger talks with Addleshaw Goddard break down

It was reported the firms were in merger talks in November but neither firm had gotten to the stage of a partnership vote.

A Maclays spokesperson said: “MMS keeps in touch with other firms on an ongoing basis and sometimes such discussions encompass the possibility of collaboration of some kind.

“I can confirm that we’re not in any such ongoing discussions with any firm at the moment.”

It was believed in November that the merger was planned for May 1 this year.

If the firms had merged the turnover of the combined firm would have been in the region of £236m.

Addleshaws turnover rose 12 per cent in 2014, going from £171.4 million to £192.5m, while Maclays saw a modest increase of £200,000 to £43.5m.

Net profit at the firm went up by seven per cent, from £12.2m to £13m, with average profit per equity partner (PEP) standing at £283,000.

Addleshaws PEP, meanwhile, stands at £491,000.