Knights Group Holdings (LON: KHG), the AIM-listed regional legal consolidator, said today it has completed its previously announced acquisition of THP Solicitors, a Thames Valley law firm.
Knights shares were trading at 171.5p during today’s session, up 2.08% from yesterday’s close of 168p, having opened at 169.5p and touched a session high of 171.5p on turnover of around 2,500 shares. That leaves the stock within a 52-week range of 141.63p to 202.8p.
The deal was first agreed on the 17th of August for total consideration of £4m, made up of £2.4m in initial cash plus £1.6m in deferred payments spread over the following three anniversaries. It closes THP’s Reading and Henley offices, with the firm’s roughly 30 fee earners moving into Knights’ own, recently invested Reading base.
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THP has operated in the Thames Valley for more than 35 years, formerly as The Head Partnership, and employed 56 people. Its net assets stood at roughly £195,000, including £608,000 of cash, putting the £4m price into context against a small but established regional practice. The deal follows last year’s acquisition of IBB Law, another Thames Valley firm, and is Knights’ 30th acquisition in its 15-year consolidation drive.
Chief executive David Beech linked the acquisition to that regional strategy.
Following our expansion into the Thames Valley last year through the acquisition of IBB Law, THP represents a compelling bolt-on opportunity that further increases our scale in an attractive and growing market. THP’s expertise will strengthen our capabilities, broadening our full-service offering for clients across the region, whilst leveraging our premium Reading office and our recent investment there.
David Beech, Knights Group Holdings plc
Knights has separately agreed to acquire Moore Barlow LLP, a distinct, larger transaction announced on the 21st of August.
