Knights, the regional legal and professional services businesses, has acquired Cummins Solicitors Limited, the employment specialist law firm based in Leicester, from founder Michael Cummins for just over £1.57 million.
Founded in 2010, Cummins is a niche law firm based in Leicester, which specialises in employment law, servicing a number of high quality commercial clients.
Its five fee earners will join Knights’ existing Leicester office, bolstering the strength of the Group’s employment offering. Following the acquisition of Spearing Waite in October, the acquisition of Cummins further strengthens Knights’ position in Leicester and the East Midlands.
For the year ending 31 December 2018, Cummins delivered revenue of £784k and adjusted EBITDA of £175k, a margin of 22.3% after adjusting for a normalised salary for Michael Cummins. Following completion on 14 January 2019, Cummins will keep its branding for a short transitional period before being formally rebranded as Knights, effective from 1 February 2019.
Following the acquisition, Knights’ total number of fee earners will be 485 across its eight offices.
Terms of the acquisition
Under the terms of the acquisition, Knights will acquire the entire issued share capital of Cummins for a total consideration of £1,573k.
On the acquisitions, David Beech, CEO at Knights, said: “We are delighted to welcome Cummins to the Group today. The firm has a strong reputation which supports our growth strategy and demonstrates the momentum we are now achieving. Michael Cummins is a respected leader in his field and the acquisition will enable us to take even more share in key geographical markets.”
Michael Cummins, founder of Cummins, added: “We have followed Knights’ impressive growth story and are delighted to be joining such an ambitious Group. We believe our niche focus on employment law will be a strong addition to the Group’s offering and we look forward to further growth as part of a larger Group.”
Knights has also revealed the appointments of Richard King, formerly a Non-Executive Director, as Chief Operating Officer and Jane Pateman as a Non-Executive Director of the Company.
Balbinder Singh Johal, Chairman of Knights, said: “In anticipation of continued significant growth, we are delighted that Richard has accepted the role as Chief Operating Officer, enabling David to focus on driving growth. His skills and experience are ideal as we scale the Knights business model, integrate acquisitions and exploit the opportunity that technology provides to transform how Knights delivers professional services to clients.
“We are also delighted to welcome Jane to the Board. Her proven record of delivering business benefits through effective HR strategies during periods of growth will be crucial to Knights as we continue to deliver our strategy of growing both organically and through carefully selected acquisitions.”