Gateley Holdings Plc (LON:GTLY) are a progressive and dynamic firm with entrepreneurial spirit; rapid growth in the last decade has been led by this approach.
In 2006, they became the UK’s first full service legal firm with significant client bases in both Scotland and England. Since then, they’ve continued their development as a truly national legal practice – now offering real depth of expertise in all of the UK’s major commercial centres. In addition to their UK offices, they opened a Dubai Practice in 2007.
In 2015, they were the UK’s first commercial law firm to become a publicly-quoted company admitted to trading on the AIM market of the London Stock Exchange. The bold move to go public embodies the firm’s ethos which is to think as big as their clients do. Their strategy is to differentiate themselves, incentivise their people to retain and attract the best talent in the industry and become a law-led business services group through diversification.
Gateley was established in the 19th Century, and has over 340 legal advisors across seven offices in England and an office in Dubai. Gateley provides high quality, integrated partner-led, client focused legal services across five core groups to over 4,000 corporate and 1,500 private clients. These core areas are Banking & Financial Services, Corporate, Business Services, Employment & Pensions and Property.
Over the last ten years Gateley has grown its revenue by a compound aggregate growth rate of 14.3% and operating profit by 14.8%, with strong cash generation and a typical cash conversion of 95% every year over the last three years supporting both growth aspirations and an attractive dividend policy.
In 2014, Gateley took advantage of changes to the law in England and Wales to adopt an Alternative Business Structure (ABS), allowing non-lawyers to own and invest in law firms. The Board believes the combination of the new ABS structure and the transitioning from an LLP to a listed Plc, will provide the platform to enhance and diversify its business.
The Group’s strategy is to continue to develop its business by way of organic growth and by acquisition.
The UK legal services market continues to exhibit growth and clear opportunities exist for Gateley to grow organically, in particular from:
- The retention of existing partners and fee earners and their commitment to Gateley and opportunities it provides, as demonstrated by the extended five year lock-in arrangements the existing partners have entered into
- Attracting new talent wishing to be a part of a progressive legal services business
- Enhanced cross-selling opportunities afforded by the adoption of an ABS. Whilst legal services will always remain at the heart of the business, the Directors believe there is a compelling logic to adding complementary business services, such as regulatory advice, compliance and professional training, alongside Gateley’s existing legal service offering
- Entering new regional markets such as the Thames Valley region via the Reading office, which opened in December
- Improving Gateley’s bank panel representation and “own account” work for banks
- Extending Gateley’s relationships with the UK’s leading house-builders and in particular in those divisions and regions where Gateley does not currently act for them
- Expansion of specialist areas such as regulatory into other geographical areas
- Growing Gateley’s corporate teams in each region, in particular Yorkshire and the North West
- Developing Gateley’s project litigation offering and taking advantage of the offshore work this generates.
In addition to organic growth, Gateley intends to take advantage of being the first law firm whose shares are admitted to trading on AIM and being at the forefront of anticipated consolidation within the UK legal services sector.
Acquisitive growth will be achieved through the acquisition of:
- Legal teams or firms offering niche services, sector specialism or geographic expansion
- Complementary business services businesses.
A broader set of services will increase the potential for cross-selling to existing clients and represent a stronger sales proposition for potential new clients.
Gateley Plc Board MembersNigel Payne - Non-Executive Chairman
Michael Ward - Chief Executive Officer
Neil Smith - Finance director
Peter Davies - Chief Operations Officer and partner
Joanne Lake - Non-Executive Director
Michael Seabrook - Non-Executive Director
Company website for Gateley Plchttp://investors.gateleyplc.com/
- Gateley Plc Excellent full-year results - 30th July 2019
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- Gateley Plc Strong trading and industry opportunity - 10th December 2018
- Gateley Holdings strong financial performance continues - 23rd November 2018
- CEO Q&A with Michael Ward at Gateley Holdings PLC (LON:GTLY) - 19th July 2018
- INTERVIEW: Gateley (Holdings) PLC delivering another record performance - 18th July 2018
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