Wealth manager Frenkel Topping has raised £13m through an oversubscribed placing as it eyes consolidation in the pre-settlement professional services market through acquisitions that have synergies in the personal injury (PI) and clinical negligence (Clin Neg) space.
According to a stock exchange filing, the firm placed 32,500,000 new ordinary shares, issued at 40 pence a share.
Go deeper with GlobalData
Using the proceeds, the firm intends to become a market leader in delivering a full service offering, mainly in PI and Clin Neg.
Frenkel Topping CEO Richard Fraser said: “This is an exciting time for Frenkel Topping and today’s Placing is a transformative step towards achieving our ambition of becoming the market leader in the PI and Clin Neg marketplace, where we have more than 40 years of expertise.
“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 have known Forths for many years and not only is this business a good strategic fit, our discussions have shown we have similar cultures with a shared customer centric ethos.
“Looking ahead, the Placing enables us to capitalise on the significant opportunities available, to acquire pre-settlement professional services business in the PI and Clin Neg markets and provide claimants with a full-service offering.”
Meanwhile, Frenkel Topping wrapped up the takeover of forensic accountancy firm Forth Associates.
Forth has offices in Manchester as well as Leeds.
The purchase is said to enable Frenkel Topping to become the largest independent provider of financial expert witness reports to the claimant market.
Earlier this year, Frenkel Topping, through its discretionary fund management (DFM) unit Ascencia Investment Management, formed an equal stake joint venture with IFA firm Truly Independent.
