Gordon Dadds Group PLC Agreement (0689V)
04 April 2019 - 5:01PM
UK Regulatory
TIDMGOR
RNS Number : 0689V
Gordon Dadds Group PLC
04 April 2019
4 April 2019
Gordon Dadds Group plc
("Gordon Dadds" or the "Company")
Five former Ince & Co network firms to join Ince Gordon
Dadds with new commercial arrangements
-- The Ince Gordon Dadds group is growing to include twelve
offices in seven countries after former Ince & Co network firms
in Hong Kong, Singapore, Dubai, Greece and Germany agreed to enter
new arrangements
-- Revenue for these operations is over GBP23 million alongside
the current GBP77 million annualised revenues for Gordon Dadds
-- The new arrangements are expected to generate increased profitability
Gordon Dadds Group plc (AIM: GOR), the acquisitive London-based
legal and professional services business, today announces that it
has agreed to enter into new arrangements with the independent
legal entities which are former Ince & Co network firms in Hong
Kong, Singapore, Dubai, Greece and Germany with effect from 1 April
2019.
The international firms are, as stated in previous
announcements, deepening their relationships with the group
following the successful completion of due diligence and
consultation with regulators.
Commenting on the new arrangements, Adrian Biles, Chief
Executive Officer of the Company, said:
"The Ince name is a leading global brand and I am delighted that
the former Ince & Co international partnerships will continue
to operate as one, as members of the Ince Gordon Dadds group.
"The integration of Ince's London office with Gordon Dadds, to
form Ince Gordon Dadds, has progressed smoothly and the commercial
benefits of the larger operation are beginning to be
demonstrated.
With the expanded international group now encompassing twelve
offices across seven countries and some GBP100 million of annual
revenues, I look forward to continuing this trend of growth and
expansion, as we continue to offer clients an impressive breadth
and depth of service both by practice area and geography."
The firms will be bound with Ince Gordon Dadds to operate
closely together under new commercial arrangements and a new
governance structure. The members of the partnerships will commit
to a common structure governing the membership, business, conduct
and management of the international firms and the rights, duties
and obligations of their members. The structure will be controlled
through membership of a new non-trading international governance
entity.
Revenues of the partners continuing in those firms is the only
meaningful measure of the impact of these new arrangements on
Gordon Dadds. The revenues attributable to the 19 partners of those
firms who are continuing in those businesses for the year ended 30
April 2018 were GBP23 million, split as to GBP4 million in Germany,
GBP3 million in Greece, GBP5 million in Dubai, GBP2 million in
Singapore and GBP9 million in Hong Kong. The group's annualised
revenue run rate of GBP42 million previously announced, together
with the GBP31 million revenue of the Ince & Co UK business
acquired on 31 December 2018, means the international firm's
combined revenues are now some GBP100m from some 450 fee
earners.
The international firms will continue to be separate legal
entities owned by the local partners, operating under the Ince
name.
The new arrangements do not include any requirement for any
consideration to be paid.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gordon Dadds Group plc Via Portland
Adrian Biles, Chief Executive Officer
Christopher Yates, Chief Financial Officer
Portland Communications +44 (0) 20 7554
Steffan Williams 1789
Simon Hamer Email:
Lauren Gallagher gordondadds@portland-communications.com
Arden Partners plc
Nominated Adviser and sole broker to the Company
John Llewellyn-Lloyd / Ciaran Walsh / Alex Penney
- Corporate Finance +44 (0) 20 7614
Fraser Marshall - Corporate Broking 5900
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END
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