Myerson has advised the equity partners of Essex-based law firm Birkett Long LLP on the sale of their equitable interests to Knights Group for a total consideration of £16.6 million subject to working capital adjustments and on a cash and debt free basis.
Established over 200 years ago, Birkett Long provided a broad range of services for business and private clients and had a strong reputation in the South East of England operating from its offices in Basildon, Chelmsford and Colchester with a head count of circa 90 fee earners at the time of completion of the sale.
In addition, the transaction also saw the sale of Birkett Long’s IFA practice (Birkett Long IFA LLP) to Knights Group, which meant the transaction was conditional on approval of the Financial Conduct Authority (FCA). Approval from the FCA resulted in a team of advisers and financial services professionals transitioning to Knights, and Knights establishing a foothold in the wealth advisory market.
The transaction was led by Myerson’s Corporate Department, with Simon Nolan and Luke Wilkins playing an instrumental role in delivering the deal.
Martin Hopkins, former managing partner of Birkett Long said:
“We are very grateful for the support we received from the team at Myerson in advising us on the sale to Knights. Their experience of advising law firms helped us to address some of the unique issues that arise in the sale of professional services businesses and produce a successful outcome. They were excellent to work with, responsive and provided good value for money”.
This successful transaction highlights Myerson’s specialist expertise in supporting law firms through sales and in navigating the key challenges and complexities involved in the sale of professional practices. As an employee-owned firm, Myerson understands first-hand the dynamics of ownership transitions. This insight, combined with our independent structure, places us in an excellent position to support other law firms throughout their M&A journeys.
Contact Our Corporate Laywers
For tailored advice on law firm transactions and ownership transitions, contact our Corporate team to explore how we can assist.
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