Knights acquires Cummins
Listed firm Knights has added Leicester-based Cummins Solicitors Limited to its growing list of acquisitions.
Listed firm Knights has added Leicester-based Cummins Solicitors Limited to its growing list of acquisitions.
Cummins was founded by Michael Cummins in 2010 and specialises in employment law. The firm’s five fee earners will join Knights’ Leicester office, bolstering its existing employment offering.
Cummins delivered revenue of £784,000 in the year ending 31 December 2018. It reported EBITDA of £175,000 - a margin of 22.3%, after adjusting for a normalised salary of its founder.
The acquisition completed on 14 January 2019 and is followed by a transitional period, in which Cummins will keep its branding before being formally rebranded as Knights, effective from 1 February 2019.
The acquisition brings Knights’ total number of fee earners to 485 across its eight offices. Since listing, Knights has acquired Turner Parkinson in Manchester and Spearing Waite in Leicester.
Commenting on the acquisition, Knights CEO David Beech said: “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.”
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.”