Law firm lands £40m loan to fund further acquisitions
Fast growing law firm Knights has landed a £40m war chest to help fund its ambitious growth strategy.
The news came as the firm made its latest acquisition the purchase of Nottingham law firm Fraser Brown.
Knights has agreed a new extended revolving credit facility with HSBC UK and Allied Irish Bank (GB) (“AIB (GB)”).
The facility provides total committed funding of £40m until June 2023, split equally between HSBC UK and AIB (GB). It replaces the Group’s existing £27m facility with AIB (GB) and is on improved terms.
David Beech, CEO of Knights, commented: “We are delighted to have agreed this new £40m facility with AIB (GB) and HSBC UK.
“This will provide us with additional flexibility to further grow our presence across the UK, both organically and through strategically compelling acquisitions, as we continue to enhance the strong growth platform we have developed in key legal markets outside of London.”
The listed firm has a number of offices across the North West and acquired Turner Parkinson in Manchester two years ago.
The firm broke all previous records when it was valued at £103m when it was listed on the Stock Exchange in the summer of 2018.