Law firm Gateley confirms plans to float

Law firm Gateley has confirmed that it plans to float on the stock market.

Gateley (Holdings) plc, has announced its its intention to launch an initial public offering and application for admission of its ordinary shares to trading on AIM.

Cantor Fitzgerald Europe is acting as financial adviser, nominated adviser and broker to Gateley.

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Gateley was established in the 19th Century, and has over 380 fee earners across six offices in England and an office in Dubai. In 2014 Gateley took advantage of changes to the law in England and Wales to adopt an Alternative Business Structure, allowing non-lawyers to own and invest in law firms. Gateley’s board believes the combination of the new ABS, the transition from an LLP to a PLC and “first mover” advantage through the proposed AIM listing, will provide a platform to expand and diversify its business.

Nigel Payne, non-executive chairman of Gateley, commented: “I have been very impressed with the ambition and vision of the senior Gateley team. The dynamic growth prospects, strong cash generation, and desire to look after its upcoming talent make the business a compelling investment proposition. I am very excited about the future.”

Birmingham-based Gateley entered the Yorkshire market in 2012 and now has 28 staff based in Leeds. Last year, Gateley moved its Leeds office to prepare for expansion, which could see it more than double its headcount.

The firm moved to a 7,500 sq ft office in Minerva House on the city’s East Parade, which can house around 70 staff, from its previous office in Toronto Square, Leeds.

In late 2014, William Ballmann, corporate recovery partner and head of the Leeds office, said the firm’s Leeds office has become “a genuine success story for the region”.