22nd Mar 2021 10:46
(Alliance News) - Legal and professional services provider Knights Group Holdings PLC on Monday said it has agreed to buy commercial law firm Mundays LLP.
Knights will pay GBP2.7 million in cash and GBP1.3 million in shares upfront, followed by further cash instalments bringing the total cost of the acquisition to GBP5.3 million. The deal is expected to complete on April 16.
Shares in Knights were up 3.1% to 447.56 pence in London on Monday.
Staffordshire-based Knights said the deal strengthens its presence in southeast England. Mundays, based in Surrey, is expected to contribute a pretax profit margin of around 18% once it's fully integrated into Knights, meaning the acquisition should enhance earnings immediately, Knights said. Mundays reported revenue of GBP7.9 million in the year ending July 2020, according to the announcement.
"The acquisition of Mundays further builds our position in the south east, providing a strong platform from which to recruit talented lawyers that no longer wish to commute into London, as we continue to grow our national presence," Knights Chief Executive David Beech said.
Mundays managing partner Neale Andrews said: "Having built a strong and diverse client base over recent years, we look forward to being part of a larger group with the resources to execute on ambitious growth plans, offering exciting career opportunities to our team."
By Ivan Edwards; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Knights Group .