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 DaddsThe 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.
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