Gordon Dadds Group, an AIM listed legal services provider, has completed the acquisition of Cardiff solicitors, Thomas Simon Limited (Thomas Simon) for £1.875 million plus an amount related to net tangible assets.
Thomas Simon's business will be merged with and will complement that of Gordon Dadds' existing Cardiff business, trading under the Gordon Dadds name. Cardiff is the back-office hub for the group and has had a growing front office established five years ago targeted at property, family and private client work and providing a "near shore" service for the rest of the group.
Thomas Simon’s main business areas are property (predominantly commercial), corporate, dispute resolution, private client and family. For the year ended 31 July 2016, Thomas Simon achieved unaudited profit before tax of £0.43 million on fee income of £2.09 million.
Adrian Biles, chief executive of Gordon Dadds, said: "We have been looking to expand our Cardiff front office operation so as to become a significant player in the Cardiff community and we are delighted to have been able to merge our Cardiff office with Thomas Simon's, blending different skill sets to enhance the Gordon Dadds' offering and grow the enlarged business. In addition, we should achieve economies of scale from merging the support functions over time.
"This is the fourth acquisition we have made since Gordon Dadds' successful IPO in August 2017 and each of them should enhance next year's earnings."
Gordon Dadds recently moved its central Cardiff client facing business into new modern offices in anticipation of further expansion. Thomas Simon's business will be merged with Gordon Dadds' business in the new offices. The board expects that the acquisition will be earnings enhancing for the first full year, to 31 March 2019.
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