Knights plc CEO David Beech has offloaded 15.7 million shares in the law firm – worth around £61.2 million.
At the same time, chairman Bal Johal has sold a £1.17m stake in the firm with the sale of 300,000 shares.
It comes after the firm – which has 15 offices across the UK in areas including Birmingham, Manchester, Leeds, Leicester, York and Staffordshire underwent a secondary placing.
It means David and Bal will now hold a 20.4 per cent and 0.3 per cent share in the firm, respectively.
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David Beech said: “We are delighted to welcome a number of new institutional investors to our already high-quality shareholder register.
“I remain fully committed to delivering our ambition to build the leading legal and professional services business outside London and believe that, with a more diversified shareholder base, our business is in an even better position to achieve this.
“Following the placing I remain a substantial long-term shareholder and I look forward with confidence to continuing to drive the company’s growth, both organically and through selected acquisitions.”
