Knights: Legal services firm announces plan to acquire IBB Law

In its audited accounts for the year ended 30 April 2024, IBB reported revenue of £23m

Commenting on the acquisition, David Beech, CEO of Knights, which has three offices in Yorkshire, said: "We are delighted to welcome the high quality IBB team to Knights, significantly increasing our scale in the attractive South East region.

“IBB’s premium service offerings in corporate, real estate and private wealth are an excellent fit, and their culture and operational model are very aligned to Knights. We are confident that the acquisition will provide a strong platform for organic growth in the region.”

Knights said it expects the acquisition to be “immediately earnings enhancing”.

IBB holds four locations in Uxbridge, Beaconsfield, Reading and Ascot.

Under the terms of the acquisition, Knights will acquire IBB from its 29 equity partners for a total consideration of £30m.

The figure comprises an initial cash consideration of £21m and deferred cash consideration of £9m to be paid in three equal instalments on each of the first, second and third anniversaries.

Knights said the consideration will be satisfied from its existing banking facilities, with completion is expected to take place on 4 April 2025.

Joanna DeBiase, managing partner of IBB, said: "We are excited about joining Knights at a time of structural change in our industry, where being part of a business of scale with a premium, national reputation is ever more important for all of our stakeholders – allowing us to provide broader services to our clients, strong career opportunities for our people, and to capitalise on our momentum, with the benefit of strong central support.

"We look forward to working closely with the team to unlock the significant market opportunities in the South East as part of the larger group.”

Knights currently holds offices in 26 locatons including, Leeds, Sheffield, York, Birmingham and Newcastle.

In its latest results, announced for the six months ending 31 October, Knights reported pre-tax profit of £9.0m, just over a 30 per cent increase from the same period the year prior.

The firm also saw revenue lift just over five per cent from £75.3m to £79.4m.

Mr Beech said at the time of the announcement: "Knights has delivered a strong performance in the first half, with a significant increase in profitability, supported by strong recruitment, significant client wins, contributions from prior year acquisitions and excellent cost discipline.”