Second acquisition in three months for fast-growing law firm
Staffordshire law firm Knights has returned to Leicester to make its second acquisition as a listed company.
It has bought employment law practice Cummins Solicitors, from founder Michael Cummins, in a deal worth nearly £1.6m.
The deal follows the acquisition of law firm Spearing Waite in October in an £8.5m deal.
The firm floated in June, and by last night’s close its shares had risen by 60% from its 145p offer price.
David Beech, chief executive at Knights, said: “The firm has a strong reputation which supports our growth strategy and demonstrates the momentum we are now achieving.
Cummins’ five fee earners will join Knights’Leicester office. It will be rebranded under the Knights logo from February 1.
Beech added: “Michael Cummins is a respected leader in his field and the acquisition will enable us to take even more share in key geographical markets.”
Michael Cummins added: “We have followed Knights’ impressive growth story and are delighted to be joining such an ambitious group. We believe our niche focus on employment law will be a strong addition to the group’s offering and we look forward to further growth as part of a larger group.”
Meanwhile, Knights has announced that Richard King, formerly a non-executive director, has been appointed as chief operating officer.
The news comes as Knights announces half-year results to the end of October 2018 in which there was a 36.6% increase in revenue to £23.9m, while adjusted EBITDA grew by 49.7% to £5.3m.
