The Millionaires Club: Ince Gordon Dadds CEO joins exclusive circle of listed firm wealthy
Adrian Biles, the CEO of the listed law firm, has a stake worth more than £10m
February 14, 2019 at 09:07 AM
3 minute read
Ince Gordon Dadds' CEO Adrian Biles is now among the City's wealthiest lawyers, having joined the exclusive club of listed firm multi-millionaires.
It emerged this week via a London Stock Exchange announcement that Biles' 21% stake in his listed firm is valued at just over £10m.
The exclusive group of law firm chiefs who have profited significantly from gaining a stock market listing include David Beech, boss of Knights, Keystone Law CEO James Knight and Rosenblatt founder and senior partner Ian Rosenblatt.
Wealthiest of the group is Beech, with his 45% stake in Knights valued at £87m. The firm's market capitalisation is currently £193.3m.
Second is Knight. With Keystone's current market value at £122m, his 35% stake is worth just over £42m.
Ian Rosenblatt's 21.1% shareholding in his litigation specialist firm is worth £14.4m against a £68.5m market cap, while the firm's current CEO, Nicola Foulton's 14.3% stake is primarily held though her family office, Cascades Ltd, valued at about £9.5m.
Last month, Ince Gordon Dadds enlarged its share capital, raising an additional £10m. According to the latest London Stock Exchange announcement, Biles' stake now stands at 20.56%.
The top duo at Gateley, which became the first law firm to list in 2015, have combined stakes worth just under £10m. Chief executive Michael Ward and chief operating officer Peter Davies each hold 2.5% of the firm valued at £4.8m.
DWF is set to float on the main market next month – but the share structure has yet to be disclosed.
Ince Gordon Dadds last month sought to raise £11.5m by placing 8,217,019 new ordinary shares of 1p in the capital of the company.
Adrian Biles, Ince Gordon Dadds
The additional placing resulted in a total enlarged issued share capital of 36.9 million ordinary shares. Soon after the capital raising was announced, the firm's share price fell about 25%.
The shareholdings of family members John Biles and Robert Biles – worth about 3% apiece – remain unchanged.
With a market cap of £51.4m, Biles' shareholding equates to £10.6m. However, following the acquisition of ailing shipping stalwart Ince & Co on New Year's Eve, the firm hopes to grow rapidly and increase its market cap during the next six to 12 months.
Adrian Biles joined Gordon Dadds in 2013 as managing partner, turning the Mayfair private client boutique into an acquisitive firm that listed on the AIM in 2017, raising £20m, the bulk of which was used to fund five acquisitions.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Doctors and Scientists Lead Climate Protests at Each Magic Circle Firm
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
