Knights is continuing its expansion in Yorkshire with the £20.1 million acquisition of Leeds-based Shulmans.
Hot on the heels of the listed legal services business’s relocation to bigger premises in York, Knights has lined up the deal for independent law firm Shulmans in Leeds, which it is funding through a placing.
Knights said the acquisition significantly increases its footprint by providing entry into Leeds, where Shulmans is among the longest established independent commercial law firms.
Comprising 130 fee earners operating from a single office, Shulmans offers a full spectrum of commercial legal services, including corporate, litigation, employment and real estate.
The acquisition provides Knights with a platform for growth in one of the largest regional markets for legal services in the UK, as well as access to city relationships for its recently established York office.
Shulmans itself recorded revenue of approximately £17.6 million for the financial year ending 31 March 2019.
Knights said the acquisition of Shulmans, together with its deals for ASB Law and ASB Aspire and the placing, is expected to increase its earnings by a high single digit percentage in the financial year ending 30 April 2021.
Following completion of these acquisitions, Knights will have 900 fee earners across 15 office locations.
Commenting on the acquisition of Shulmans, David Beech, chief executive officer of Knights, said: “We are delighted to announce the acquisition of Shulmans today, marking our entry into a new and important market with the addition of this quality full service commercial law firm which is recognised as a Top 200 UK law firm by revenue.”
“With their ambitious team and progressive approach to law, the firm has a strong cultural fit with Knights and provides an exciting platform for growth in Leeds, in line with our strategy to build the leading legal and professional services business outside London.”
Tim Halstead (pictured), managing partner of Shulmans, said: “We have achieved significant growth in recent years to become a leading independent law firm in the North. Having worked alongside Knights previously, we believe its collegiate approach, range of services and broad client base will provide an excellent match for us to continue to grow as part of the wider group.”
