Could happen this year, apparently
Irwin Mitchell is exploring a flotation on the London Stock Exchange (LSE) in a move which could value the national giant at half a billion.
Mysterious “City sources” claim the Sheffield headquartered outfit is working closely with investment bankers from Rothschild on the possible float, with aspirations of securing a £500 million valuation.
The flotation “could take place as soon as this year”, according to Sky News, which first reported the story.
“We’ve taken no decision to introduce external investment,” a spokesperson for the firm said. “We remain in a strong position financially with our existing bank facilities offering us sufficient firepower to invest further in the growth and transformation of our business.”
But this isn’t the first time IM has been linked to a potential listing on the LSE, with reports dating as far back as 2011 claiming the firm’s top brass were eyeing external investment through a flotation.
The Legal Cheek Firms Most List shows IM has steadily grown over the past ten years, with 15 offices across the UK and revenues in excess of £270 million. It is also one of the biggest outfits to secure alternative business structure status, a move which allows the firm’s non-lawyers to become partners too.
If given the go-ahead, IM would become the sixth UK firm to float, joining the likes of DWF, Knights and Gateley, among others.
And Legal Cheek couldn’t resist a piece of the action when at the start of year, we came over all Wolf of Wall Street and created a fund for the six listed firms, apportioning £100 each. You can check out how it’s doing here.
