Listed law firm reveals acquisition and half-year results

Listed law firm reveals acquisition and half-year results

Listed law firm Knights has announced a rise in its revenue and pre-tax profits for the first half of its current financial year. The group has also confirmed the acquisition of a counterpart in Exeter.

Knights, which is registered in Newcastle-under-Lyme, has reported a revenue of c.£36m for the six months to 31 October 2020, up from £32m from the same period in the prior year.

Its underlying adjusted pre-tax profits also increased from £5.3m to c.£6m.

The group also confirmed it has agreed to acquire independent commercial law firm OTB Eveling LLP.

It will buy the firm from its two existing members on a debt free, cash free basis for a total consideration of £2.1m.

Knights currently also operates from offices located in Birmingham, Cheltenham, Chester, Crawley, Leeds, Leicester, Maidstone, Manchester, Nottingham, Oxford, Stoke-on-Trent, Wilmslow and York.

On the half-year results, chief executive David Beech said: “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.”

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On the acquisition, Beech added: “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.” 

OTB Eveling partner James Eveling added: “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.”

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