A Scottish practice has announced a move into the English market with the acquisition of a subsidiary of listed firm Knights. Full-service firm Gilson Gray has agreed to buy Home Property Lawyers to add between £10m and £20m additional revenue within the next two years.
Gilson Gray, which has four offices in Scotland, says the move is part of the start of a wider expansion south of the border. For Knights, it also marks a rare scaling back of a business which has grown rapidly throughout England since it was listed on the London stock exchange in 2018 but which has suffered a market slump in recent months with shares now trading at their lowest level since going public.
Home Property Lawyers (HPL), based in Lincoln, was included in the Knights acquisition of Langleys Solicitors earlier this year but its future was immediately put in doubt as the business was said to be ‘non-core’.
Gilson Gray said the acquisition of the residential specialist, subject to SRA approval, will ensure that all 65 staff are retained, including current head Gary Tyman. The firm will also double the head count as soon as possible and has begun recruiting in the Lincoln area and across England. In time, HPL will adopt the Gilson Gray name.
Glen Gilson, group chairman and managing partner of Gilson Gray, said the firm has been scouting the English market for suitable firms to acquire, before choosing to move forward with HPL.
Gilson said: ‘We have long committed to delivering "best of breed" legal services in Scotland and the HPL deal extends that ambition into England. We plan for HPL to become the market leader in its area of expertise within the next year. Having a UK-wide footprint, and the ability to work across multiple jurisdictions, is becoming increasingly important for top tier law firms. This acquisition gives us direct access, at scale, to the English market and is a move requested by many of our client base.’
He added this was the first substantial deal involving a Scottish firm acquiring an English legal services operation, bucking the trend of deals usually happening the other way round.
Tyman added: 'I am excited to be joining the Gilson Gray Group. It is a thriving entrepreneurial business that gives me great comfort for the future of the HPL staff, our clients and the quality of the product that we can bring to market.'
Concurrently, Gilson Gray said it is pursuing further blue-chip acquisitions that will consolidate its presence in key regions of England. The firm expects to be in a position to disclose its plans later this summer.
Shares in Knights Group Holdings plc shot up by 7.3% to 94p ahead of today's announcement.
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