Croftons commercial real estate law firm in Manchester which was founded in the 1840s and advises more than 50 housing associations, has been acquired by Knights Plc.
In the deal with means that the listed firm, registered in Newcastle-under-Lyme, has taken the entire issued share capital of Simon Leighton Ltd, Arthur Chapman Ltd and Bob Adnew Ltd, the corporate shareholders of Croftons Solicitors. The Manchester law firm had achieved a revenue of £2.8m with a corporatised pre-tax profit margin of about 15 per cent in the year to 31 March 2019
Knights has said that following integration and “including the delivery of cost synergies”, the board expects Croftons’ pre-tax profit margin to rise to 20 per cent in the first full financial year after the acquisition. Chief executive David Beech said:
“We are pleased to announce the acquisition of Croftons (3rd Feb). The team is well regarded in the housing association sector, which typically brings recurring revenues from this highly defensive segment of the market. We previously set out a strong intent to expand in Manchester with our move to larger, modern premises in 2019 and look forward to welcoming Croftons to our growing team there.”
Simon Leighton, Croftons managing partner, added:
“We are excited to join Knights, a firm we see as a good home for Croftons in terms of culture and ambition. We bring particular expertise in the housing association sector and look forward to continuing to achieve our growth plans as part of a well-established and ambitious team.”
Simon serves as a Ministry 2 Business trustee and we send him and the team at Croftons our congratulations and best wishes on this new opportunity for the firm.
Original article and photo by: Jon Robinson Senior Digital Staff Writer, Insider Media Limited.
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