Knights has agreed to acquire 30-fee-earner THP Solicitors for £4 million, expanding its Thames Valley presence following last year's acquisition of IBB Law.
The deal comes as the listed firm continues talks over a potentially much larger acquisition of Moore Barlow and has a bigger credit facility to support further deals.
Knights has struck a deal to buy Thames Valley law firm THP Solicitors for £4 million, continuing the listed firm's long-running acquisition spree.
THP has around 30 fee earners across offices in Reading and Henley, with strengths in private wealth, family and real estate. The firm has operated in the region for more than 35 years, originally as The Head Partnership.
The deal builds on Knights' acquisition of 140-lawyer IBB Law last year, which gave the firm a significant footprint in the Thames Valley.
Acquisitions continue
The deal is the latest in a long line of acquisitions for Knights as it looks to build the UK's leading regional law firm.
The firm recently reported revenue of £207 million and typically completes around three or four acquisitions a year, chief executive David Beech told The Non-Billable Podcast recently.
And it could have a much bigger deal coming - Knights revealed earlier this year that it was in talks to acquire £42 million revenue Moore Barlow, a deal that would be its largest acquisition to date.
The listed firm also recently increased its revolving credit facility from £100 million to £159 million, giving it additional firepower for acquisitions.
Beech has placed a heavy emphasis on cash generation as part of that strategy, arguing that keeping tight control of working capital gives Knights the flexibility to continue investing and buying firms.
What they said
"We are delighted to welcome the THP team to Knights," Beech said. "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 partner Rachel Gaylor said the firm’s clients “will benefit from access to a broader range of services and expertise, while our colleagues will have greater opportunities as part of a larger national business with scale and resource.”
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