The facility provides total committed funding of £27million until June 2023. It replaces the Group’s existing £18million facility with AIB (GB) and is on improved terms.
David Beech, CEO of Knights, said: “We are delighted to have agreed this new, increased facility with AIB (GB) which gives us increased flexibility and additional headroom in our facility to execute our strategy. We look forward to continuing to develop the business both organically and through the selective acquisition of high calibre firms which enhance our expertise and geographical presence outside London and drive shareholder value.”
Mike Rogers, Head of the Manchester Business Centre at AIB (GB) said:
“We are delighted to provide increased facilities to assist their business’s growth and acquisition strategy. We have worked with the management team for over five years and look forward to strengthening our relationship further as we support them in this exciting period of expansion.”
In February Knights revealed it had exchanged contracts to acquire BrookStreet, one of the leading independent law firms in Oxfordshire. This was its fourth acquisition since listing on the London Stock Exchange last year.
Knights’ strategy is to build a nationwide, full service legal and professional services business focused on attractive markets outside of London.