A Derby law firm is set to float on the London Stock Exchange in a move that will value the company at £100m.
Bondholder Knights 1759, whose clients include a series of big names, unveiled plans for a £100m float on the Stock Market.
Knighs roster includes supermarket Aldi, Rolls-Royce and bookmakers Paddy Power.
The Daily Telegraph has reported that the float on AIM will create an overnight fortune for David Beech, the chief executive of Knights who owns 65% of the firm.
A statement was issued on the Stock Market this morning.
David Beech said: “We have worked hard to build a resilient business model that is well-positioned to disrupt the UK legal sector and an AIM listing would enable us to continue with this journey, building on the strong momentum we have generated in recent years to become one of the UK’s leading regional law firms.
“I firmly believe that the old model for the legal sector is rapidly becoming redundant and, as pioneers in the sector following the group’s early adoption of the ABS structure in 2012, we are well placed to benefit from the continued trend of commercial clients demanding an ever more relevant and value-based service offering.”
Knights is a pioneer in the UK legal sector was one of the first commercial law firms to adopt the alternative business structure model, in order to move away from the traditional partnership model to a corporate structure in 2012.
For the year ended 30 April 2018, reported revenue was £34.9m and adjusted operating profit was £6.8m.
The group has approximately 7,500 clients with more than 70% repeat business from existing clients in the financial year ended 30 April 2018.