Shares in law firm Gordon Dadds resume trading following Ince & Co merger deal
Shares in listed law firm Gordon Dadds resumed trading today after it sealed a merger with shipping firm Ince & Co.
Shares in Gordon Dadds were suspended in September after City PM broke the news that the pair were in late-stage merger talks.
Gordon Dadds has taken over the UK assets of Ince, having originally said it would acquire its entire international network as well.
A spokesperson said: “We concluded that it was not possible to agree appropriate arrangements that would meet local regulatory approval with all the affiliated network entities by 31 December 2018.”
And added: “We have however acquired all members interests in Ince & Co LLP (Ince UK), which includes the London, Beijing and Shanghai offices. These businesses now trade as Ince Gordon Dadds. We will also continue to work with the other members of the Ince & Co International network to enter into a network agreement with those offices, that will see them trade as Ince Gordon Dadds International.”
The assets Gordon Dadds is acquiring generated fees of £30.5m in the year ended 30 April. Gordon Dadds is paying total consideration of £27.3m over four years and granting options over up to 3m shares.
Gordon Dadds hit the press in October after it represented the Daily Telegraph in an injunction case against retail tycoon Sir Philip Green.
Green was named as the subject at the centre of a Telegraph story alleging harassment of employees by Lord Peter Hain using parliamentary privilege, it later emerged that Hain was a paid adviser of Gordon Dadds, although both denied that Hain has been given the information by the firm.
Gordon Dadds also released its results for the six months to 30 September which showed revenue was up 56 per cent to £20.11m and operating profit up 23 per cent to £4.27m.
Chief executive Adrian Biles said the deal is “a landmark in our development” and said it “increases our capacity hugely and we expect it to boost revenue significantly in the coming years.”
The takeover makes Gordon Dadds the largest of the handful of law firms that have listed since Gateley became the first UK firm to go public in 2015.
It could lose that crown if DWF goes ahead with plans to list on London’s main market in the first quarter of this year.
Gordon Dadds shares were up 4.6 per cent today.