DWF Shuts First Office Since Listing
Up to 17 people could be affected as the firm closes an office, as it continues to trade below its listing price.
April 05, 2019 at 08:34 AM
2 minute read
Milton Keynes
Listed law firm DWF is set to close its Milton Keynes office, just a month after its debut on the London Stock Exchange.
The firm's share price has been trading below its listing price since it floated on the London Stock Exchange for 122p a share on March 18, with the firm's shares trading at 121.2p at the time of writing.
There are 17 members of staff in the Milton Keynes office including one partner, a spokesperson for the firm confirmed in a statement, with the regional office set to close at the end of next month.
The spokesperson added: "DWF has decided not to renew the lease on its Milton Keynes office when it expires on Friday, 31 May. This decision has been taken to ensure that our office portfolio continues to support the strategic objectives of the business.
"Where possible, colleagues will be given the option of working agile or to relocate to another office."
Upon its listing, DWF's market value was registered at £375 million, below its expected valuation of between £400 million and £600 million. It remains the only law firm to have floated on either of the London stock markets so far this year.
Last month, the firm hired Dentons real estate finance partner Brendan Slack to lead its London real estate finance team in its first post-IPO hire.
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