Knights plc bosses sell £62m stake in company

Knights plc CEO David Beech has offloaded 15.7 million shares in the law firm – worth around £61.2 million.

At the same time, chairman Bal Johal has sold a £1.17m stake in the firm with the sale of 300,000 shares.

It comes after the firm – which has 15 offices across the UK in areas including Birmingham, Manchester, Leeds, Leicester, York and Staffordshire underwent a secondary placing.

It means David and Bal will now hold a 20.4 per cent and 0.3 per cent share in the firm, respectively.

Click here to sign up to the daily BusinessLive email

David Beech said: “We are delighted to welcome a number of new institutional investors to our already high-quality shareholder register.

“I remain fully committed to delivering our ambition to build the leading legal and professional services business outside London and believe that, with a more diversified shareholder base, our business is in an even better position to achieve this.

“Following the placing I remain a substantial long-term shareholder and I look forward with confidence to continuing to drive the company’s growth, both organically and through selected acquisitions.”