Law firm Knights has acquired a south-west counterpart in a £2.1m deal.
Knights, which has offices throughout the Midlands, has snapped up OTB Eveling, a commercial law based in Exeter in a move which it says will take it into a “new key market” for legal services outside of London.
The acquisition will bring an additional 17 fee earners to the Group and sees Knights enter Exeter. In its unaudited accounts for the year ending 30 April 2020, OTB Eveling generated revenue of £2.1m.
David Beech, CEO of Knights, said: “We are delighted to enter a sizable market for regional law today with the acquisition of OTB Eveling, an independent law firm with a strong cultural fit. Based in Exeter, the acquisition will provide us with a platform for future growth in the South West as we continue to build our position as the leading legal and professional services business outside of London.”
James Eveling, partner at OTB Eveling, said: “We are excited to join Knights and delighted to be its first point of entry into the South West legal market. The deal enables us to accelerate our growth plans as part of an innovative and ambitious team who share our commitment to outstanding client service. We look forward to introducing the wider Knights capabilities and resources to our clients.”
Meanwhile, Knights has posted a trading up for the six months to October 31 in which is says revenues has spiked by 44% and have risen to around £46m. The company says also reported underlying profits before tax of £6m – up from £5.3m in 2019.
Knights says trading has continued to recover in September and October and is now almost at pre-Covid levels. The company was able to remove all previously announced salary cost-reductions from 1 November.
Beech added: “We have seen a strong recovery in activity levels since the sudden impact of COVID at the end of our last financial year. Our business is both well positioned and resilient, which gives us confidence in our ability to navigate the current economic turbulence.
“Building on our recent successful integration of three acquisitions and recruitment of high calibre partners from other top 50 law firms, we look forward to continuing our growth, both organically and through selected acquisitions.”