Gateley partners share £25m windfall

Posted By: James

Tuesday 9th June 2015

More than 80 partners at Gateley shared a £25m windfall yesterday when the group became the first British law firm to list on the London Stock Exchange. Shares placed on the junior AIM exchange at 95p a piece finished the day up 4p at 99p, valuing the law firm at £104m. Gateley, based in Birmingham, raised £30m through the placement, £5m of which will be used to support growth, including acquisitions. It had been looking to raise about £60m. Gateley is the first firm to take advantage of the Legal Services Act, which came into force in 2011, allowing third-party investors to buy stakes in legal partnerships.

 

[Would you like to leave a comment?]