London Stock Exchange welcomes Knights plc to AIM
Knights is a fast-growing, regional legal and professional services business, ranked within the UK top
100 largest law firms by revenue. Knights has specialists in all of the key areas of corporate and commercial law so that it can offer end-to-end support to businesses of all sizes and in all sectors. The Company’s main focus is on the UK’s secondary regional markets, offering ‘big city’ quality expertise from a regional cost base.
Currently, Knights operates from six offices: Cheltenham, Chester, Derby, Newcastle-Under-Lyme, Oxford and Wilmslow, with approximately 350 fee earners and 430 employees in total. A further 66 employees and a seventh office will be added to that number following completion of the acquisition of Turner Parkinson LLP (“TP”) on Admission.
Knights is a pioneer in the UK legal sector and was one of the first commercial law firms to adopt the alternative business structure (“ABS”) model.
The issue of New Ordinary Shares under the Placing, which was significantly oversubscribed, raised approximately £50m, net proceeds for the Company, valuing Knights at approximately £103.5m.
The admission to the AIM market is an important step in the Group’s development, allowing the repayment of the majority of its existing debt, broadening of its shareholder base and providing support for future organic growth and M&A.
David Beech, Chief Executive of Knights, said: “We are delighted to be trading on AIM and to have received overwhelming support from leading institutional investors during the fundraise.
“Knights’ listing is a significant landmark in the development of the Group as we continue our growth plan to scale up the business. Our enhanced profile will allow us to attract and retain talent and clients, as well as secure significant acquisitions of complementing businesses.
“We have a robust and proven business model and look forward to using the capital raised to continue our development strategy and create value for our shareholders.”