Law firm cheers market float

A UK regional legal business has hailed a successful £103.5 million stock market debut in a move that nets a bumper £20m pay-out for its founders and top bosses.

Knights, which currently has six offices and annual revenues of about £35m, confirmed the pricing of shares at 145p each, raising some £50m to fund its growth plans.

It is set to be admitted to the junior Alternative Investment Market later this week after the firm said it saw strong demand from institutional investors for the share pacing, which was “significantly oversubscribed”.

The move marks the largest law firm flotation since Gateley – Britain’s first legal firm to go public in 2015, which was valued at £100m when it listed. Most law firms remain structured as private partnerships.

Knights’ flotation will deliver a windfall for chairman Bal Johal and other selling shareholders,kar lb am ford, joanne Beech and Mark Beech, who will receive around £20 mas part of the deal.

Chief executive David Beech retains a shareholding in the company of around 45.5 per cent. Johal will hold a stake of around 1.7 per cent, while other management will together have a stake of about 3.4 per cent.

The firm has offices in Newcastle-under-lyme, Wilmslow, Chester, Derby, Cheltenham and Oxford, with some 430 staff.

It is also adding 63 employees and a seventh office following completion of the acquisition of Turner Parkinson.

Beech said: “This IPO represents an exciting milestone in the growth of Knights. I am delighted there has been such a strong interest from leading institutional investors and I welcome all our new shareholders to the register.

“We believe that [this IPO] will provide us with a platform to continue our rapid growth, attracting business organically and boosting our profile to secure acquisitions.”