Gateley makes UK legal history with first acquisition since listing

Gateley Holdings has made its first acquisition since becoming the first UK law firm ever to list on the stock market, last June.

Birmingham headquartered Gateley has snapped up specialist tax incentives advisory business Capitus, to be renamed Gateley Capitus, for £2.7m, of which £1.59m is cash and the rest new shares.

Having built up a network of four offices in the UK and both ends of Ireland, Capitus generated £1.38m revenue in the year to end-June 2015 and an operating profit of £593,000, which Gateley expects will lead to improved group earnings in the current year.

Capitus supplies tax incentive advisory services specialising on capital allowances, international tax depreciation, investment incentives for regeneration and sustainability, and research and development tax reliefs.

Gateley chief executive Michael Ward said the new addition was in line with the strategy outlined at flotation last June, to make selective acquisitions which offer complementary specialist services.

"Capitus has developed a strong blue chip client base of national and global companies which provide regular, repeat business," he added.

"The addition of Capitus to the Group also provides Gateley with expertise in a range of tax incentives, opening up attractive and growing markets and diversifying the Group's income streams. A number of new business opportunities have already been identified."