A COSTS consultancy that was set up above a baker’s shop in Prescot is celebrating 10 years, 100 staff and a multi-million-pound turnover.
The ambition to set up his own company meant so much to Managing Director Phil Hodgkinson that in March 2002 he remortgaged his home to set up Compass Costs.
It was a risk that paid off, and a decade on, the firm boasts more than 100 employees and a projected turnover for 2012 of £8m.
With a successful career managing firms of solicitors behind him, Phil decided to go into business for himself after spotting a niche in the costs marketplace.
The Huddersfield-born entrepreneur had been living in the Wigan area and so he leased out a small office above a derelict baker’s in Fleet Street, Pemberton, beginning with just one employee.
In just three years the firm moved offices three times to locations across Merseyside to cope with increasing staff numbers, a growing client base, and to accommodate a merger with another company.
In 2005, Compass Costs moved to its current premises at Kings Business Park in Prescot, Merseyside.
Since then, it has grown to be the largest costs company in the UK. Projections are that the firm will have doubled in size within the next two years.
Compass Costs Consultants provide costs drafting, negotiation and advocacy and litigation services to Insurers, Solicitors, Unions and individuals, along with numerous other legal products and services to the industry in general.
The firm can deal with any type of work a solicitor handles, from straightforward personal injury to multi-million pound clinical negligence, commercial litigation, banking and finance, and mergers.