“Significant achievement” as Gateley starts trading on AIM

BIRMINGHAM-based Gateley became the first commercial law firm to list on the stock exchange when its shares started trading on the Alternative Investment Market (AIM) at 8am this morning.

The law firm, which has a number of UK offices including Leeds and Manchester, raised £30m from the placing and believes that becoming a public company will provide the platform for its anticipated organic and acquisitive growth strategy.
Gateley had a market capitalisation of £100m on admission.

Gross proceeds of £5m and £25m have been raised for the company and the selling shareholders respectively.

The IPO and admission received strong support from staff, partners and Gateley clients, with approximately 10% of gross placing proceeds being investments in the company by Gateley clients.

Michael Ward, chief executive officer, said: “We are delighted to be the first UK law firm to list on AIM and today marks a significant achievement for this successful, fast growing and entrepreneurial legal services group. 

“The IPO will provide the platform for the continued success of the business, as well as accelerate its growth opportunities and facilitate value creation through an increased ability to acquire, incentivise, differentiate and where sensible diversify.

“We view the support from staff, partners, clients and investors as a strong endorsement of the group’s growth plans and we look forward to creating value for our new shareholders as we begin life as a listed public company.”