The Ince Gordon Dadds group expanding to include twelve offices in seven countries after former Ince & Co network firms in Hong Kong, Singapore, Dubai, Greece and Germany agreed to enter new arrangements.

New arrangements

The revenue for these operations is over £23 million alongside the current £77 million annualised revenues for Gordon Dadds, and expectations are the new arrangements will generate increased profitability. The new arrangements are with effect from 1 April 2019. The international firms follow previous announcements in deepening their relationships with the group following the successful completion of due diligence and consultation with regulators. Commenting on the new arrangements, Adrian Biles, chief executive officer of the Company, said “the Ince name is a leading global brand and I am delighted that the former Ince & Co international partnerships will continue to operate as one, as members of the Ince Gordon Dadds group.” He added, “the integration of Ince’s London office with Gordon Dadds, to form Ince Gordon Dadds, has progressed smoothly and the commercial benefits of the larger operation are beginning to be demonstrated.” The firms will be bound with Ince Gordon Dadds to operate closely together under new commercial arrangements and a new governance structure. The members of the partnerships will commit to a common structure governing the membership, business, conduct and management of the international firms and the rights, duties and obligations of their members.  The structure will be controlled through membership of a new non-trading international governance entity.

Revenues

A statement explains the revenues of the partners continuing in those firms is the only meaningful measure of the impact of these new arrangements on Gordon Dadds.  The revenues attributable to the 19 partners of those firms who are continuing in those businesses for the year ended 30 April 2018 were £23 million, split as to £4 million in Germany, £3 million in Greece, £5 million in Dubai, £2 million in Singapore and £9 million in Hong Kong. The group’s annualised revenue run rate of £42 million  previously announced, together with the £31 million revenue of the Ince & Co UK business acquired on 31 December 2018, means the international firm’s combined revenues are now some £100m from some 450 fee earners. The international firms will continue to be separate legal entities owned by the local partners, operating under the Ince name. The new arrangements do not include any requirement for any consideration to be paid.