Tue, 02 Feb 2021 | BUSINESS SALE
Advisory firm Frenkel Topping has secured two acquisitions for a combined £9 million as it targets expansion in the professional negligence and personal injury markets. The two target firms are Doncaster-based A&M Bacon and Partners in Costs.
The deal will be structured with £5 million in cash up front, close to £1 million via the issue of 2,000,000 ordinary shares in its company and the remaining £3.1 million to be made in deferred payments over the next two years.
The company says the deal will support its strategy of providing financial advice to the recipients of substantial settlements for personal injury and clinical negligence.
The double acquisition comes after Frenkel Topping raised £13 million last year to bolster its acquisition drive. At that time, it also acquired North-West-based forensic accountancy firm Forth Associated Ltd.
A&M Bacon CEO Reuben Glynn and Partners in Cost CEO Teresa Aitken will both remain in their posts following the acquisition.
Frenkel Topping Chief Executive Richard Fraser commented: “The acquisitions fit exactly into our strategy of acquiring high-quality businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of Forths last year.”
"These acquisitions will further strengthen our offering and drive the continued growth of Frenkel Topping."
In its latest financial accounts, to the year ending March 31 2020, A&M Bacon reported fixed assets totalling £122,916, current assets of slightly over £1 million and net assets of around £700,000.
Partners in Costs, meanwhile, in its accounts to the year ending April 30 2020, reported fixed assets of £62,102 and current assets of £3.1 million. Its net assets were valued at over £2.6 million.
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A reputable Staffordshire solicitors’ firm is on the market for acquisition as the partners plan for retirement.
The company is a RICS-registered consultancy, with RICS and RTPI members providing specialist, expert-led advice for planning, surveying, estate management and due diligence in the UK and ROI.
This is a unique opportunity to acquire the intellectual property assets of a reputable financial advisory services company, established for over a decade.
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