Listed law firm secures £27m war chest for acquisition spree
Staffordshire law firm Knights has agreed a new £27m funding line to fuel its acquisition strategy.
The listed firm, which floated last June valued at a record breaking £103m, bought Oxford-based BrookStreet des Roches for £10m in January and previously bought Leicester firms Cummins Solicitors and Spearing Waite, and Manchester-based Turner Parkinson.
The new extended revolving credit facility with Allied Irish Bank (GB) provides total committed funding of £27m until June 2023 and replaces the group’s existing £18m facility.
David Beech, CEO of Knights, said: “We are delighted to have agreed this new, increased facility with AIB (GB) which gives us increased flexibility and additional headroom in our facility to execute our strategy.
“We look forward to continuing to develop the business both organically and through the selective acquisition of high calibre firms which enhance our expertise and geographical presence outside London and drive shareholder value.”
Mike Rogers, of AIB (GB), added: “We are delighted to continue our relationship with Knights and to provide increased facilities to assist their business’s growth and acquisition strategy. We have worked with the management team for over five years and look forward to strengthening our relationship further as we support them in this exciting period of expansion.”
