Gordon Dadds seeks £10m in capital raising to fund worldwide growth
The listed law firm has set its sights on targets outside of the UK
January 24, 2019 at 06:30 AM
2 minute read
Gordon Dadds is aiming to raise £10m to grow internationally, including in Hong Kong and South Africa, the listed law firm announced earlier today.
Through the fund raising via discounted shares, Gordon Dadds is aiming to acquire businesses with at least £10m in fee income or with a "complimentary international business".
It is targeting acquisitions in countries including Bermuda, China, Gibraltar, Hong Kong, Malta and South Africa, according to its statement to the AIM market this morning.
In the announcement, the firm said it will place the discounted shares to provide the financial flexibility "to take swift advantage of opportunities in the legal and professional services sectors".
Gordon Dadds raised £20m when it listed in 2017, with £14m designated for acquisitions. Since then, the firm has invested those funds in five acquisitions, with the most recent its reverse takeover of Ince & Co through a pre-pack administration deal, creating Ince Gordon Dadds.
The group also hopes to boost its finances through a £3m per year saving by moving legacy Ince's accounting arm and other "non-productive functions" to Gordon Dadds' operations in south Wales, today's statement continued.
The French arm of Ince & Co's international offices is currently in talks to join French firm Gide Loyrette Nouel after it was excluded from the pre-pack administration deal with Gordon Dadds.
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