Knights, one of the UK’s fastest growing regional legal and professional services businesses which has offices in Cheltenham and Oxford, has begun trading on the London Stock Exchange’s Alternative Investment Market (AIM).
The business placed 20.7 million new shares and 13.8 million existing shares at 145 pence each.
The Company will receive gross proceeds of £30 million, part of which will be used to repay the majority of its existing debt and fees. The Directors believe that the IPO will enable the Company to accelerate its growth strategy, through organic and acquisition led growth.
Based on the IPO price, Knight Group’s market capitalisation is GBP103.5 million.
Chief Executive Officer David Beech said: “We believe that the admission to AIM will provide us with a platform to continue our rapid growth, attracting business organically and boosting our profile to secure acquisitions.
“We are delighted to be joining AIM with a high-quality register of institutional investors that is testament to the strength of our business model. We are looking forward to life as a listed company and keeping our new shareholders updated with our ongoing growth plans as we seek to build on the positive momentum we have generated in recent years.”
Knights was founded in 1759 in Staffordshire. By 2011 David Beech had joint the company, which had two offices and a turnover of £8.7 million. The following year David acquired Knights via a management buy out and began acquiring other legal firms, including Darby’s in Oxford in 2016. A pioneer in the UK legal sector and one of the first commercial law firms to adopt the alternative business structure (“ABS”) model.
The company now has seven offices across the UK employing 500 professionals and a turnover of £43 million.