DLA Piper advising as Knights confirms plans to become fifth UK firm to float
Knights set to follow Rosenblatt, Keystone, Gordon Dadds and Gateley onto London's AIM market
June 04, 2018 at 05:56 AM
3 minute read
DLA Piper is advising Knights Solicitors as it prepares to become the fifth UK law firm to float on London's AIM market.
The international firm is advising Knights, which this morning confirmed its plans to list on the junior market later this month.
DLA corporate partners Jonathan Watkins and John Campion are advising the firm.
Knights, which counts Shire, Prudential, Paddy Power and Rolls-Royce among its client-base, said the listing would allow it to strengthen its position and "disrupt the UK legal sector".
Knights, which previously became one of the first UK law firms to secure external investment from a private equity house when it took on investment from ex-Dragon's Den entrepreneur James Caan's investment vehicle Hamilton Bradshaw in 2012, broke into the UK top 100 last year when its revenue hit £35m.
It currently has six UK offices employing about 430 staff, including 350 fee earners, but is part-way through ambitious growth plans.
The firm's recently-announced acquisition of Manchester law firm Turner Parkinson, which adds a seventh office, an additional 45 fee earners and roughly £8.5m of revenue, will take place once Knights is admitted to AIM.
Knights said it wants to hire at least 200 additional fee earners and increase its office count to at least nine by 2020, stating that the expansion is likely to come via three or more acquisitions.
In addition to funding its growth, the firm will use the proceeds from its IPO to pay down the majority of its debt and provide working capital.
Knights CEO David 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."
He added: "I firmly believe that the old model for the legal sector is rapidly becoming redundant."
Hamilton Bradshaw exited Knights in 2016, with Permira debt managers investing in the firm at that time.
Knights is being advised by broker Numis on its listing. The broker has instructed Walker Morris on the deal, with corporate partner Daniel O'Gorman leading.
UK top 50 law firm Gateley became the first UK practice to list on AIM in 2015, followed by Gordon Dadds last summer, Keystone Law last November, and Rosenblatt earlier this year.
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