The UK's regional professional services business, Knights, has strengthened its presence in the South East after completing the acquisition of Essex-based Birkett Long for an initial £10 million.
The acquisition brings more than 100 professionals lawyers and 10 financial advisers – bolstering Knights' team to 1,350 professionals in 32 locations across the country – in a deal that will increase revenues to more than £200 million.
Birkett Long has built a strong reputation from its offices in Basildon, Chelmsford and Colchester, with strong service lines for corporate and private clients. The acquisition also brings Birkett Long IFA LLP to the Knights Group, providing the rare opportunity to bring both legal and wealth advisory services under one roof.
The acquisition significantly increases Knights' presence in the South East – building on recent expansion in the Thames Valley and reinforcing Knights' unrivalled regional presence across the country.
David Beech, CEO of Knights, said:
"We are delighted to welcome the Birkett Long team to Knights. Since this was announced a few weeks ago it has become clear just how much energy and talent is joining our business in Basildon, Chelmsford and Colchester.
"This acquisition strengthens our unrivalled regional presence as the business that people turn to for professional services everywhere in the UK. Today's news reinforces that in the South East by giving Birkett Long's clients access to our full range of specialists across the UK – helping them to tackle any challenge or opportunity".
Martin Hopkins, former Managing Partner of Birkett Long and now Client Services Director at Knights, said:
"Being part of a business of scale will allow us to build on our track record by continuing to grow revenues across both the law firm and the IFA business, allowing us to provide a broader range of services to our clients along with even more career opportunities for our people.
"We're all excited to offer a broader range of specialisms to our clients and to unlock the significant opportunities in Essex."
The total value of the acquisition is £16.6 million: this comprises an initial £10 million and deferred cash consideration of £6.6m over three years.