Law firm CEO sells £61.2m stake in company

The chief executive of law firm Knights has sold a £61.2m stake in the company after it underwent a secondary placing.

David Beech has offloaded 15.7 million shares in the company at 390p each, leaving him with a 20.4% holding in the firm.

Meanwhile, Bal Johal the chairman of Knights has sold a £1.17m share in the firm.

Beech said: “We are delighted to welcome a number of new institutional investors to our already high-quality shareholder register.

“I remain fully committed to delivering our ambition to build the leading legal and professional services business outside London and believe that, with a more diversified shareholder base, our business is in an even better position to achieve this.

“Following the placing I remain a substantial long-term shareholder and I look forward with confidence to continuing to drive the company’s growth, both organically and through selected acquisitions.”