Staffordshire law firm unveils plans for £100m stock exchange float

London Stock Exchange

Law firm Knights has unveiled plans for a £100m float

Knights, a law firm headquartered in Staffordshire, has unveiled plans for a float in excess of £100m on the London Stock Exchange.

The firm, which has over 430 staff, across offices in Newcastle-under-Lyme, Chester, Cheltenham, Derby, Oxford and Wilmslow, have clients including the likes of Aldi, Paddy Power and Rolls Royce.

Knights, which was once backed by Dragons’ Den entrepreneur James Caan who invested in the firm via private equity vehicle Hamilton Bradshaw in 2012 before exiting in 2016, has expanded rapidly under chief executive officer David Beech who has grown revenue from £8m in 2012 to £34.9m last year.

The listing is expected to occur in late June 2018.

A statement was issued on the Stock Market this morning.

On the stock market listing, Beech said: “We have worked hard to build a resilient business model that is well-positioned to disrupt the UK legal sector and an AIM listing would enable us to continue with this journey, building on the strong momentum we have generated in recent years to become one of the UK’s leading regional law firms.

“I firmly believe that the old model for the legal sector is rapidly becoming redundant and, as pioneers in the sector following the group’s early adoption of the ABS structure in 2012, we are well placed to benefit from the continued trend of commercial clients demanding an ever more relevant and value-based service offering.”

This news follows the recent acquisition by the firm after it purchased Turner Parkinson, the independent business law firm based in Manchester, which increased Knights’ presence in the North West, adding 60 new employees in its seventh regional office.

The acquisition marked Knights’ fourth in five years and aims to build on the group’s successful track record of identifying, executing and integrating earnings enhancing transactions.

These acquisitions, alongside the group’s organic growth strategy, has seen Knights deliver topline growth at a compound annual growth rate of 32% over the past five years, making it one of the fastest growing professional services business in the UK.