Knights, the legal and professional services businesses, has acquired the entire issued share capital of Simon Leighton Limited, Arthur Chapman Limited and Bob Agnew Limited being the corporate shareholders of Croftons Solicitors LLP, a specialist housing, regeneration and commercial real estate law firm in Manchester.
The acquisition builds on Knights’ presence in Manchester, in line with the Group’s strategy to accelerate its organic growth through carefully targeted acquisitions.
The acquisition sees 33 fee earners joining Knights and bolsters the strength of the Group’s real estate offering.
In its unaudited accounts for the year ending 31 March 2019, Croftons achieved revenue of £2.8m.
Under the terms of the acquisition, Knights will acquire the corporate owners of Croftons from their three existing shareholders for a total consideration of up to £2.8m.
David Beech, CEO of Knights, said: “We are pleased to announce the acquisition of Croftons today. The team is well regarded in the housing association sector, which typically brings recurring revenues from this highly defensive segment of the market. We previously set out a strong intent to expand in Manchester with our move to larger, modern premises in 2019 and look forward to welcoming Croftons to our growing team there.”
Simon Leighton, Managing Partner of Croftons, added: “We are excited to join Knights, a firm we see as a good home for Croftons in terms of culture and ambition. We bring particular expertise in the housing association sector and look forward to continuing to achieve our growth plans as part of a well-established and ambitious team.”