Law firm pencils in £100m float
A LAW firm whose clients include Aldi, Paddy Power and Rolls-royce is expected to formally unveil plans for a £100m stock market float tomorrow.
Sources told The Sunday Telegraph that Manchester-based Knights, once backed by Dragons’ Den entrepreneur James Caan, will publish its intention to float announcement tomorrow and go public later this month.
The London listing will create a huge paper fortune for David Beech, the chief executive, who owns 65pc of the company along with four others and will remain its largest shareholder.
The move will see Knights join the growing club of British law firms going public since legal ownership rules changed in 2012 through so-called “Tesco law” reforms. Rosenblatt floated in London last month, while Keystone and Gordon Dadds listed last year. Gateley was the first legal practice to go public, in 2015.
Knights, which traces its roots back to 1759, reported revenues of £34.9m for the year to April and has offices in Chester, Cheltenham, Derby, Newcastle-under-lyme, Oxford and Wilmslow. It acquired Manchester-based rival Turner Parkinson last month.