Watson Burton partners pay back £1m capital into the firm

Watson Burton has injected £1m of partner capital into its business, with the firm's senior equity partners making the contribution.

The eight partners that have agreed to contribute £125,000 are senior partner Rob Langley, corporate chief Gillian Hall, employment partner Chris Graham, property partners Simon Scougall and David Bowden, corporate finance partner Duncan Reid, professions and insurance partner Richard Palmer, and construction partner Roddy Gordon.

The extra capital is intended to help the firm with its future growth.

In March Watson Burton cut back 25% of its headcount after placing 75 staff, including partners, at risk of redundancy across the firm's offices in Leeds, Newcastle and London. That redundancy round marked the second within a year after the firm made 14 members of staff redundant at the end of last year.

Commenting on the cash injection, Langley said: "We have been through a time of reconstruction and renewal which leaves us stronger and more confident for 2010. This injection of capital represents a tremendous statement of confidence by a broad new base of senior equity partners. There is a positive energy evident in the firm across staff and partners."

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