Knights Group acquires Shulmans and ASB Law

Legal and professional services company Knights Group announced the exchange of contracts to acquire Leeds-based independent law firm Shulmans for a total consideration of up to £20.1m on Thursday.

The AIM-traded firm also said it had agreed to acquire ASB Law, including ASB Aspire - a full service commercial law firm based in Crawley and Maidstone - for a total consideration of up to £8.5m.

Combined, it said the acquisitions would see 219 fee earners joining Knights, and would provide the group with new platforms for organic growth in Leeds and the South East, both of which were key regional markets for legal services.

The group also announced a placing to raise gross proceeds of £20m to fund the acquisitions, and associated costs.

It said it would also provide the group with additional financial resources to deliver its strategy to be the leading legal and professional services business outside London, both organically and by acquisition.

“We are delighted to announce the acquisitions of Shulmans and ASB today, marking our entry into two new and important markets with the addition of these quality full service commercial law firms which are both recognised as Top 200 UK Law Firms by revenue,” said chief executive officer David Beech.

“With their ambitious teams and progressive approach to law, both firms are a strong cultural fit with Knights and provide an exciting platform for growth in their respective regions, in line with our strategy to build the leading legal and professional services business outside London.”

At 1530 GMT, shares in Knights Group were down 1.15% at 449.76p.