In its most recent trading update, the company said that it will raise £13m through the sale of shares that it will take to market at 40p per ordinary share.

The company also announced that it has acquired Leeds-based accountancy firm Forth Associates Limited. The forensic accountancy firm was purchased for £3m and furthers Frenkel Topping’s ambition to become the largest financial expert witness reports provider to the claimant marketplace.

Frenkel Topping chief executive Richard Fraser 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 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.

"The board and the management team look forward to building on our success by continuing to grow our core business, as well as executing our buy and build strategy, delivering high-quality services to our clients and generating strong and sustainable returns for our shareholders."

The trading update also said that Frenkel Topping has received £75m of new investment mandates in the first half of 2020, a 70% increase on H1 2019.

Assets under management rose 13% to £962m.

Total revenues were expected to rise 9% to £4.4m. Approximately £3.5m was recurring revenue.