LONDON: Legal and professional services firm Knights announced Tuesday it has agreed to acquire Birkett Long LLP and Birkett Long IFA LLP, a regional law firm and independent financial advisory business with three offices in Essex, as part of its expansion strategy.
The deal, worth £16.6 million, will bolster Knights’ presence in southeast England and provide an entry into wealth advisory services. The acquisition is expected to close June 13 for the law firm, while the financial advisory arm’s completion awaits regulatory approval.
Birkett Long, established over 200 years ago, operates in Colchester, Chelmsford and Basildon, employing 91 legal professionals and 15 financial advisers. The firm reported £14.7 million in revenue for the year ended May 31, 2024, with pretax profit of £1 million. Knights anticipates the business will achieve low double-digit profit margins post-integration.
The acquisition will push Knights’ annualized revenue above £200 million. David Beech, CEO of Knights, said the deal strengthens the firm’s footprint near London and adds complementary wealth management services.
Martin Hopkins, managing partner of Birkett Long, said joining Knights will allow the firm to expand client offerings and career opportunities for staff.
The purchase includes £10 million upfront and £6.6 million in deferred payments over three years, funded through Knights’ existing banking facilities.
Knights, listed on the London Stock Exchange, has grown through a series of acquisitions in recent years, targeting regional firms with strong client bases.