Crashed and delisted: Law firm owner flees stock exchange after £12m tender blow

Anexo’s delisting marks a brutal end to its IPO venture, citing poor returns and staff disinterest

Anexo Group, the publicly traded owner of law firm Bond Turner, is pulling out of the stock exchange after admitting its much-hyped IPO has failed spectacularly. Once hailed as part of a new wave of legal businesses entering the financial elite, Anexo now joins the growing list of legal outfits retreating from public markets in disarray.

In a brutal assessment, Anexo’s board confessed that floating the company on London’s Alternative Investment Market (AIM) brought none of the benefits they had hoped for. The anticipated capital injection never materialised. Employee incentives via share options flopped. Worst of all, the company’s share price collapsed—undermining morale and shareholder confidence.

“The listing has not delivered,” the board admitted flatly. “Maintaining the quotation has dragged resources, prevented agility, and ultimately blocked our long-term growth.” Shareholders, they said, had been left disappointed despite the company meeting analyst forecasts. Performance barely moved the share price. Coverage from analysts remained minimal. Many institutional investors simply walked away.

Anexo’s leadership now believes the business will fare better away from public scrutiny. A proposed £12 million buyout will return some funds to minority shareholders via a tender offer priced at 60p per share. That offer triggered an immediate market panic, sending shares plummeting from 68p to 53p in a single day.

Behind the offer stands a powerful alliance: asset management firm DBAY, Anexo founder Alan Sellers, and managing director Samantha Moss. Together, they already control 63% of the shares. The trio now seeks to acquire the remaining equity and take the company private. If successful, they will cancel Anexo’s AIM listing permanently.

In a joint statement, the bidders insisted the move would free management to focus on the business. “Without the burdens of a public listing,” they claimed, “we can concentrate entirely on Anexo’s future success.”

It’s a stunning reversal. Anexo joined the AIM five years ago during a flurry of legal IPOs, offering visions of modernisation and investor rewards. But the trend has faltered badly. DWF was bought out by private equity. The Ince Group collapsed into administration and delisted in 2023. MJ Hudson exited the market the same year. Now, only Gateley and Knights remain publicly traded among major legal players.

Anexo’s exit signals deeper problems with public investment in law firms. The sector appears ill-suited to the rhythms and demands of capital markets. Traditional legal business models often lack the scalability and rapid growth needed to impress investors. Share incentives have also struggled to motivate staff more attuned to salaries than equity stakes.

For Anexo, the toll was clear: a stagnant valuation, fleeing shareholders, and mounting operational costs. The delisting, while painful, appears inevitable.

Despite the gloom, the company’s leadership remains defiant. Sellers and Moss, with DBAY’s backing, believe the group can thrive once it is free from the market’s glare. But for now, the decision to delist is a grim reminder that not all sectors are built for the spotlight—and in Anexo’s case, the IPO dream is well and truly over.