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Frenkel Topping raises £13m for acquisitions

Frenkel Topping raises £13m for acquisitions

Advice firm Frenkel Topping has raised £13m as it set its sights on further acquisitions in the personal injury and clinical negligence markets.

The placing comes as the company confirmed it had bought Forth Associates Limited, a forensic accountancy firm based in Manchester and Leeds. 

Frenkel Topping took its shares to the market at 40p each, in what the advice firm said was an oversubscribed placing. 

Richard Fraser, chief executive at Frenkel Topping, said the funds would be used to acquire pre-settlement professional services businesses in the personal injury and clinical negligence markets.

He said the fundraising would allow the advice firm, which specialises in asset protection for clients who have been awarded compensation payments, to provide claimants with a "full-service offering" and that it was a "transformative step" towards the company's ambition of leading the personal injury and clinical negligence marketplace. 

He said: "The net proceeds of the placing and the acquisition of Forths builds on our strong organic growth as we become the largest independent provider of financial expert witness reports to the claimant marketplace.

"We are delighted with the strong support shown by both new and existing investors and it is particularly pleasing to see high-quality institutional investors join our shareholder register." 

The placing and acquisition were the latest in a string of deals agreed this year by Frenkel Topping as it doubled down on plans to expand its client base and boost assets under management. 

In February the firm partnered with a law firm specialising in personal injuries in a bid to shake up investing in the market. 

In the same month it agreed a joint venture with an advice firm in a deal which would see its discretionary fund management services offered to external IFAs for the first time. 

The company also expects to launch a client-facing app later this year after setting its sights on digitalisation during the coronavirus lockdown period. 

rachel.mortimer@ft.com 

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