Shares in listed law firm Gordon Dadds jump after it acquires five overseas firms
Shares in listed law firm Gordon Dadds climbed more than five per cent this morning after it said it had added five new partnerships to its network, representing £23m in revenue.
The listed law firm, one of just a handful in the UK, has acquired Ince & Co’s former network firms in Hong Kong, Singapore, Dubai, Greece and Germany.
Read more: Listed law firm Gordon Dadds swallows 150-year-old City firm Ince & Co
Ince & Co’s businesses in France and Monaco are still in negotiations to join Gordon Dadds.
Gordon Dadds acquired 150-year old shipping and insurance firm Ince & Co for £27m in January in a pre-pack administration deal.
The deal, which was first revealed by City PM, was set to see the whole of Ince & Co join Gordon Dadds via a solvent acquistion.
However, it later emerged that the deal went through as a pre-pack administration with Ince’s offices in the UK and China joining Gordon Dadds, and the rest of Ince’s offices joining as non-integrated network firms.
Read more: Shares plunge in listed law firm Gordon Dadds following £10m placing
Chief executive Adrian Biles said: “With the expanded international group now encompassing twelve offices across seven countries and some £100m of annual revenues, I look forward to continuing this trend of growth and expansion, as we continue to offer clients an impressive breadth and depth of service both by practice area and geography.”
Revenue of £100m would make Gordon Dadds one of the top 40 UK headquartered law firms by revenue.
Shares were up 5.8 per cent at 135p by late morning.