Frenkel Topping revenue nearly doubles after acquisitions

Frenkel Topping revenue nearly doubles after acquisitions

Frenkel Topping has seen its revenues almost double in a year after it made a number of acquisitions.

In a statement to the stock exchange today (February 15), the company said it expected revenue to hit £18mn in 2021, compared with £10mn in 2020.

The IFA, which specialised in advising those who have been or are involved in personal injury and clinical negligence litigation, bought five companies after raising £13mn in July 2020.

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This pushed its assets under management up by 16 per cent to £1.2bn, and assets on a DFM mandate rose by 28 per cent to £676mn in 2021.

The group still has £8.6mn of net cash at the end of the year.

Since the end of 2021, the company has bought Cardinal Management, a trauma signposting partnership support service, which Frenkel Topping said would provide a "clear and direct link" to claimants and their professional representatives at the earliest stage possible after injury.

In 2021 the company bought Partners in Costs, A&M Bacon, Bidwell Henderson Costs Consultants, as well as Forths Associates in 2020.

The acquisitions added £7mn in revenue and £1.8mn in Ebitda this financial year, with total adjusted Ebitda rising by 80 per cent to £4.5mn.

Frenkel Topping added that its "working in partnership" programme with law firms Pattinson Brewer and Ralli has led to two new joint ventures with the firms, contributing £21mn in assets under management.

Overall the company has entered into six joint ventures with firms in the personal injury and clinical negligence space.

The company said trading in 2022 had started positively, benefitting from the continued momentum built in 2021.

It stated: “The group has had a strong start to the year with a solid pipeline of new business opportunities.”