Member Article

£30m IPO sees Gateley become UK’s first listed law firm

Law firm Gateley LLP, which has a strong presence in the North West and Yorkshire, has successfully raised £30m from its IPO, making it the first law firm to be listed on the London Stock Exchange.

The Birmingham-based firm has raised£30m from the placing of 31,589,937 Ordinary Shares with institutional and other investors at the Placing Price of 95 pence per share. The net proceeds raised by the company will be used to help change the structure of the company.

The directors believe that the AIM listing will help by providing greater opportunities to grow both organically and via acquisitions including providing the chance to acquire businesses offering complementary professional services.

Cantor Fitzgerald Europe is financial adviser, nominated adviser and broker to Gateley and KPMG LLP reporting accountant and tax adviser

Gateley’s CEO, Michael Ward, said: “We are delighted to be the first UK law firm to list on AIM and today marks a significant achievement for this successful, fast growing and entrepreneurial legal services group.

“The IPO will provide the platform for the continued success of the business, as well as accelerate its growth opportunities and facilitate value creation through an increased ability to acquire, incentivise, differentiate and where sensible diversify.

“We view the support from staff, partners, clients and investors as a strong endorsement of the Group’s growth plans and we look forward to creating value for our new shareholders as we begin life as a listed public company.”

Non-executive chairman of Gateley, Nigel Payne, said: “This is an exceptional achievement for the Gateley team. In a rapidly changing marketplace Gateley is pioneering the way for legally led professional services groups and offers a unique and compelling growth and income investment opportunity.

“I am extremely excited about the future for this entrepreneurial Group.”

This was posted in Bdaily's Members' News section by Sophia Taha .