Law firm gearing up for more acquisitions after landing funding package
Ambitious law firm Knights has landed a major funding package to back an acquisition spree.
The firm recently made history when it made its debut on AIM and was valued at a record breaking £103m.
As part of the listing the firm agreed to buy Manchester firm Turner Parkinson for an undisclosed amount.
Knights is the UK’s fastest growing law firm and is already in the process of looking for further acquisitions.
It has secured an undisclosed funding package from Allied Irish Bank to support future growth and its acquisition aspirations.
Allied Irish has worked with the Knights Group for over four years and has provided a revolving credit facility together with an acquisition facility to assist with the business’ expansion strategy.
The expansion will be achieved through acquisition and organic growth.
Knights is actively looking for acquisition opportunities that would allow the firm to strengthen the breadth and depth of the services it offers.
The funding provided by the bank comes after the business successfully listed on the London Stock Exchange after placing 20.7 million new shares and 13.8 million existing shares at 145 pence each, raising gross proceeds of around £50m.
Knights Group has offices in Chester, Cheltenham, Derby, Newcastle-Under-Lyme, Oxford, Wilmslow and now Manchester after its recent acquisition of Turner Parkinson which was also funded by the Allied Irish Bank.
David Beech, chief executive of Knights, said: “We are delighted to join AIM with a high-quality register of institutional investors that is testament to the strength of our business model.
“We believe it provides us with a platform to continue our rapid growth, attracting individuals and businesses organically and boosting our profile to secure acquisitions.
“The funding package from Allied Irish Bank gives us the confidence to fulfil these aspirations and drive accelerated growth.
“This is an exciting milestone for the business and I am pleased that Allied Irish Bank are working in partnership with us to support this activity.”
Mike Rogers, head of the Manchester Business Centre at Allied Irish Bank said: “Joining AIM represents a springboard for Knights Group to take advantage of opportunities ahead.
“We have worked with the team for the last four years and are delighted to support them through this journey as they approach the future with real confidence.
“Knights Group have a very experienced management team with a clearly defined growth strategy who are well placed to drive forward the business even further and are looking to identify potential acquisition targets. We look forward to working with them on the next stage of their growth.”
