Former Dragon’s Den star James Caan is investing in a leading solicitors in Stoke-on-Trent. The investment will allow 50 new well jobs to be created in the North Staffordshire area.
Knights, who were established in 1759, received an injection of cash in a landmark deal with Mr Caan’s private equity fund, Hamilton Bradshaw.
The amount of money invested in the law firm has not been revealed but it is going to be spent on new workforce and improving the company’s IT infrastructure.
Firm bosses are aiming to become one of the UK’s top 100 commercial law firms within three years.
The deal is subject to the approval of the Solicitors Regulation Authority (SRA) and is the first private equity investment into a commercial law firm.
David Beech, Knights managing partner, said: “We are not putting a final figure on the recruitment as we will be building the business substantially over the next three years, but I would say we will be taking on at least 50 lawyers and legal staff in the next couple of years.”
The firm currently employs 150 people and has 23 partners. Their headquarters are in Newcastle and they have other offices in Alderley Edge in Cheshire and Cheltenham in Gloucestershire.
Mr Beech said: “Our headquarters will remain at The Brampton and we will be recruiting more people here.
“This is an exciting time for Knights. We met with several investors to work with us on our future expansion but I was very impressed with James Caan’s approach to people-led businesses.”
Mr Caan will join the board of Knights once the investment is approved and said: “This is a very exciting business to invest in. David has an excellent track record in law firm management as well as a unique understanding of private equity, having managed a fund himself.”
The former Dragon left school with no qualifications and made his fortune in recruitment.