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Gordon Dadds completes Thomas Simon acquisition
AIM-listed Gordon Dadds has completed the acquisition of Cardiff solicitors Thomas Simon for £1.9m plus an amount related to net tangible assets.
Dadds said Thomas Simon's business will be merged with and will complement its 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.
The deal is expected to be earnings-enhancing for the first full year to 31 March 2019.
Chief executive officer Adrian Biles 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.
"We shall be focussing over the coming months on realising the benefits of these acquisitions and, in particular, on driving the cross-selling activity which grows the revenue and profitability of the existing and acquired businesses."
This is the fourth acquisition the company has made since its IPO in August 2017.
At 1030 GMT, the shares were up 3.% to 171.90p.