6th May 2025 11:48
(Alliance News) - Knights Group Holdings PLC on Tuesday said it has agreed to buy Essex, England-based law firm and financial advisory business Birkett Long for GBP16.6 million.
The London-based professional services company said it will pay an initial cash consideration of GBP10.0 million for Birkett Long LLP and Birkett Long IFA LLP.
Knights will also pay a deferred cash consideration of GBP6.6 million, to be paid in equal instalments on the first, second and third anniversaries.
Knights said Birkett Long generated revenue of GBP14.7 million in the twelve months to the end of May 2024, with corporatised pretax profit of GBP1 million.
The firm said it expects Birkett Long to operate at a "low double digit" pretax profit margin. It expects the acquisition to be "immediately earnings enhancing" and take its annualised revenue above GBP200 million.
Knights said Birkett Long's three locations in Colchester, Chelmsford and Basildon will allow it to "add further scale in the south east, and expand its presence in a relatively affluent area of the country".
The purchase of Birkett Long LLP is expected to complete on June 13, with the acquisition of the independent financial advisory business expected to complete at a later date, subject to consent from the Financial Conduct Authority.
Knights Chief Executive Officer David Beech said: "This deal significantly expands Knights' presence in the South East, adding scale in areas immediately surrounding London, and provides an entry into wealth advisory, a complementary service which has been of interest to Knights for some time.
"We are confident that without the constraints of independent ownership and building on its growth in recent years, the acquisition will deliver further organic growth in the region."
Shares in Knights were up 7.0% to 152.50 pence in London on Tuesday morning.
By Michael Hennessey, Alliance News reporter
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