The Manchester-headquartered firm will pay an initial sum of £5m.

An additional payment of up to £5m is dependent on financial performance targets between the completion of the deal and 31 December 2025.

Cardinal currently has a presence in seven NHS major trauma centres, of which there are 27 across the UK.

Managing director and majority shareholder Andrew Pemberton will remain in place following the completion of the deal.

Richard Fraser, chief executive of Frenkel Topping Group, said: "The acquisition of Cardinal fits exactly into our strategy of acquiring high-quality businesses in the personal injury and clinical negligence market which provide established opportunities for us to extend our reach into the sector and expand our client base.”

The two firms had a pre-existing relationship through the Frenkel Topping Charitable Foundation.

Frenkel recently reported a 93% rise in revenue for the six months ending 30 June thanks to its rapid acquisition strategy and professional partnerships. 

In the six months ended 30 June the company saw year on year revenue up from £4.4m to £8.5m and pre-tax profit up from £495,000 to £1.3m.

The company also reported assets under management of £1.1bn, up 15% and assets on a DFM mandate of £606m, up 40%.

Recent acquisitions have focused on the personal injury and clinical injury sector and the firm says it is well on its way to becoming one of the UK’s leading IFAs advising recipients of personal injury and clinical negligence settlements.

Frenkel said it was continuing to look at further acquisitions in several different areas.

The firm consists of Frenkel Topping Limited, Ascencia Investment Management, Obiter Wealth Management, Equatas Accountants, Forth Associates, A & M Bacon Limited and Partners in Costs Limited.