Hill Dickinson advises DSW Capital on AIM IPO

DSW Capital, owner of the Dow Schofield Watts brand, has raised £5 million in a successful IPO on the AIM market of the London Stock Exchange. The flotation gives the company a market capitalisation of £21.4 million, based on a share price of 100p. Admission to AIM is expected at 08:00 on 16 December 2021.  

DSW Capital operates a platform business network that provides an alternative to traditional accounting and professional services firms. It currently has 19 licensee businesses employing 82 fee earners from offices across the UK. Licensee businesses trade primarily under the Dow Schofield Watts brand. 

The funding will enable DSW Capital to scale through organic growth, geographical expansion, additional service lines and investment in ‘break outs’ - being existing teams in larger firms. 

Advising DSW Capital on the deal were Ian Gillis, partner, and Sean Lightfoot, legal director, of commercial law firm Hill Dickinson’s Manchester Corporate team. 

They were assisted by senior associate Harriet Adgie and associate James Robinson (Manchester Corporate); legal director Richard McKay (Liverpool Corporate), banking partner Alasdair Mackinnon and associate Jordan Clarke; property partner Darren Hamer and senior associate Jon Pearson-Basudev; Commercial team associate Elle Mackenzie; and senior associate Will Steed and Paul Mills senior legal assistant of the firm’s Employment team.

James Dow, chief executive and co-founder of the Group, said: “We are delighted to announce our IPO and admission to AIM, which are important milestones for DSW Capital. The successful fundraise will support our strategy to capitalise on the substantial growth opportunities presented in the changing UK accounting market and our vision to become the most sought-after destination for ambitious, entrepreneurial professionals to start and develop their own businesses.”

Ian Gillis said: “The Dow Schofield Watts platform is a challenger model built on flexibility and autonomy, and is very attractive to young professionals in the accounting services sector today. That has been borne out by the success of the fundraise. We look forward to seeing DSW Capital grow and wish James and the team at DSW every success.”