Law firm raises £20m after floating on AIM

LAW firm Gordon Dadds, which has an office in Cardiff, has raised £20m – minus expenses – for further expansion after floating on London’s Alternative Investment Market.

The firm, which has its roots in south Wales and also has a presence in London, has listed via a reverse into Work Group.

While not stated by the firm, the listing and funding raising could see it looking to expand its presence in the south Wales and south west of England marketplace.

Gordon Dadds has identified around 1,000 law firms in its target market pool with annual revenues in the range of £2m to £40m.

For its last financial year to the end of March 2017, the firm posted a turnover of £25m with an adjusted pre-tax profit of £2m.

With financial backing from the Welsh Government, the firm set up its Cardiff office in 2014.

Gordon Dadds’ chief executive Adrian Biles said: “This represents an important milestone for the enlarged Gordon Dadds Group.

“The UK legal services sector is highly fragmented and Gordon Dadds’ proven consolidator model is uniquely positioned to take advantage of this significant market opportunity.

“We now have the necessary capital to support the group’s next stage of development which will enhance its profile with clients and potential target firms.”