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Frenkel Topping, the specialist recommendation agency specializing in private damage and medical negligence instances, has acquired Chester-based value consultants North West Legislation Companies Restricted for £2.75m and revealed that income for 2023 climbed by nearly a 3rd.
The cost for NWL will probably be break up over two years starting with an preliminary £1.65m (topic to adjustment), £550,000 on the primary anniversary of completion and £550,000 on the second anniversary.
North West Legislation Companies was based in 1982 and specialises in private damage, medical negligence, court docket of safety and business prices. It has 13 price earners together with certified prices legal professionals and solicitors and represents purchasers nationwide. For the 12 months to August 2023, the agency recorded income of £1.6m and PBT of £465,000 and had internet belongings of £1m.
The agency’s sellers, Lee Evans and Phil Roberts, will step again from the corporate over time and, following a managed handover, NWL will change into a part of the Frenkel’s prices working section led by Rebecca Bidwell, director of technique and implementation.
Richard Fraser, chief govt of Frenkel Topping, stated: “Over time Lee, Phil and their crew have constructed a number one authorized prices consultancy enterprise that was well-known to the group. The acquisition suits completely into our technique of buying high-quality, customer-focused companies within the private damage and medical negligence market and builds on the profitable acquisition and integration of our different prices companies – Companions in Prices, A&M Bacon and Bidwell Henderson.”
Frenkel revealed that its revenue and income each climbed by nearly a 3rd in 2023. In its annual outcomes revealed at this time it stated adjusted revenue climbed 31% from £5.5m to £7.2m whereas income soared 32%, rising from £24.8m to £32.8m.
It stated funds beneath administration rose 12% to £1.335bn, up from £1.187bn, “regardless of turbulent markets.”
The corporate signed a brand new £7.5m revolving credit score facility with Santander earlier this 12 months to help its development and acquisition technique, with the cash getting used to fund the acquisition of North West Legislation Companies.
Richard Fraser stated: “Our 2023 outcomes reveal the success of our acquisition technique over latest years and the resilience of our enterprise towards the backdrop of difficult and unstable market circumstances.”
He stated he continues to be optimistic concerning the agency’s long-term aim to develop to fifteen% market share in every of its enterprise models.
Salford-based Frenkel Topping was established in 1979 as a specialist forensic accountants by John Frenkel and Mike Topping. The corporate was devoted to servicing legal professionals coping with massive private damage and medical negligence claims. It floated on AIM in 2004.
It now has plenty of companies together with Cardinal Administration which was established in 2015 to offer trauma help and route. In 2016, Frenkel Topping Group launched its discretionary fund administration service, Ascencia and in 2018 it created wealth supervisor Obiter.
Lately it has been busy on the acquisition path, starting with Manchester and Leeds-based forensic accountancy Forth’s in 2020. In 2021 it acquired civil and business litigation prices consultants A&M Bacon and Companions in Prices (PIC), a prices regulation specialist, each based mostly in Doncaster.
Different companies within the group embrace skilled witness providers firm Keystone Case Administration, medico-legal litigation skilled witnesses enterprise Somek and Associates, prices consultants Bidwell Henderson, prices consultants PIC, and civil and Court docket of Safety prices consultants A&M Bacon.
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