Empowering a thriving future for clients and communities
Knights is a legal and professional services business with 1,400+ colleagues servicing a diverse client base of over 20,000 businesses from their 23 office locations across the UK.
With this footprint, AIM-listed Knights Group Holdings, is striving to become the leading legal and professional services firm outside of London. Since listing in 2018, it has accelerated its M&A activities alongside continued organic growth and technology investment to broaden its service offering and increase its UK geographical presence. Knights are now ranked in the UK’s top 50 law firms by revenue1.
NatWest joins three-bank consortium for £70 million credit facility
Looking to secure additional liquidity to fund growth, Knights’ advisor, Numis, approached NatWest to discuss potentially joining the consortium as a new lender on an uplifted £70 million Revolving Credit Facility (RCF).
After detailed discussions about its mid-term growth strategy and resulting financing requirements, the NatWest deal team proposed competitive terms and pricing, which resulted in them replacing one of the banks in the existing three-bank consortium, taking a £20 million hold in the new £70 million RCF. In addition, the lenders agreed a £30 million uncommitted accordion as part of the facility which has a three-year tenor and a further two one-year extension options.
NatWest’s One Bank approach delivers best outcomes for customers
David Beech, CEO, Knights, commented: “We are excited to have agreed this upsizing of our facility with our three banking partners, and we welcome NatWest as a new lender. We thank the NatWest deal team for their commitment to offer pragmatic solutions throughout the refinancing process, and look forward to strengthening this relationship in the years ahead.”
James Curry, Structured Finance at NatWest, said: “We’re delighted to take a hold in Knights’ new, uplifted facility, and to support them on their continuing growth journey. This transaction is an example of how multiple specialist teams within the bank work together to ensure quick decision making and deliver the best outcome for our customers.”
