Dragons' Den law firm Knights appoints broker for potential float

A law firm that was backed by Dragons' Den entrepreneur James Caan has confirmed that it has appointed broker Numis for a potential London float.

Expansive firm Knights which broke into the UK top 100 last year said that it was “reviewing options” regarding its capital structure and confirmed that it had appointed broker Numis as an adviser.

Caan, who appeared on TV show Dragons' Den, invested in Knights via private equity vehicle Hamilton Bradshaw in 2012 before exiting in 2016.

The firm has grown rapidly from £8m in 2012 to £32.9m last year when it entered the UK top 100 law firms for the first time.

A spokesperson for Knights said: “Knights is a fast-growing legal services business with a proven track record of delivering strong organic growth and sector-leading margins. The group has a clear and ambitious growth strategy and an experienced management team in place to deliver it.

“As part of that growth strategy, it is reviewing options in terms of its future capital structure and has recently appointed Numis to help with this review.”

The firm would not give any indication of the timing for a potential float.

“Knights is under no time pressure as the business is performing well and is soundly financed,” the spokesperson said.

Knights is not the only English law firm eyeing the public markets at present. City AM revealed last month that City law firm Rosenblatt had appointed broker Cenkos Securities as it lines up a potential London initial public offering (IPO).

There are only three listed English law firms at present: Gateley, Gordon Dadds and Keystone Law.

It only became possible for law firms in England and Wales to take on external investment, appoint non-lawyer owners or list on the stock market after the introduction of the Legal Services Act 2007.

Gateley was the first firm to float in 2015, followed by Gordon Dadds and Keystone Law last year.

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