Listed national law firm Knights has made its largest acquisition to date with a £30m deal for South East firm IBB Law. 

Knights said it expected the deal, which brings it 140 fee earners including 29 equity partners, would be immediately earnings enhancing. 

The firm will pay an initial cash consideration of £21m and three further instalments totalling £9m. Completion is expected to take place on 4 April 2025. 

David Beech, CEO of Knights, said the acquisition would significantly increase the firm’s scale in the South East. 

“IBB’s offerings in corporate, real estate and private wealth are an excellent fit, and their culture and operational model are aligned to Knights,” he added. “We’re confident that the acquisition will provide a strong platform for growth in the region.”

The acquisition will also bring Knights additional specialisms, such as franchising, the firm said. The exception is IBB’s criminal law business, which accounts for roughly 10% of its revenues; Knights said it would review “strategic options” for this business following completion.  

IBB operates across four locations in Uxbridge, Beaconsfield, Reading and Ascot, which Knights said provided proximity to areas of inward investment, major corporate clusters, affluent communities and existing offices in Oxford, Weybridge and Newbury.

IBB reported revenue of £23m for the year ending 30 April 2024 and a PBT margin of 6%; Knights expects that to increase to around 26% following completion of the acquisition. 

Knights focuses on markets outside of London and has acquired more than 20 firms since it listed on the AIM market in 2018, including the £11.5m acquisition of South East firm Coffin Mew in 2022.

Following the IBB acquisition, it will have 30 locations across the UK housing more than 1,400 staff.