Counting just the share sale, he's past Horan and nipping Styles' heels.

The CEO of regional firm Knights has cashed in shares in his business for £61 million.

Chief Executive David Beech, a (very rich) solicitor, sold 15.7m shares in the floated law firm at a price of 390p per share. The sale leaves him with 16.8m shares in Knights PLC. 

Beech can’t sell the remainder, equivalent to about 20% of the company, until a two-year lock-in period expires in 2023. 

Reacting to the windfall, sources expressed opinions about the temporary pay cut imposed last year on staff earning over £30,000 which, once lifted, was followed by the firm’s purchase of a new business in Exeter in November.

A spokesperson for Knights said, “All of our actions over the last year have been taken to make the Group stronger and protect as many jobs as possible in the face of unprecedented uncertainty created by COVID-19”.

“These included a 10% reduction in staff salaries for those earning over £30,000, a 30% reduction in Board salaries, making some staff cost savings to reflect a more prudent approach to resourcing and the withdrawal of our dividends which have not been resumed”.

The firm declined to specify how many staff have been made redundant over the last year. 

However, its spokesperson said Knights reinstated full salaries for all employees at the “earliest time possible” ahead of buying the Exeter business, and that “all of the acquisitions made to date have strengthened and diversified the Group. Indeed, the recent share sale also results in a significant increase in Knights’ high quality shareholder base, which places the business in an even stronger position to invest in its growth strategy, for the benefit of all of our stakeholders.”

Onwards and upwards, ideally to 2023! 

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