The firm told the Stock Market today it is placing new ordinary shares to achieve this, priced at 175p each.

There are four possible acquisitions in the pipeline, it revealed.

Alan Hudson, chief executive, has agreed to sell up to 1,000,000 existing ordinary shares owned by him, at the placing price, to raise gross proceeds of up to £1.75 million.

Five acquisitions paying a combined £2 million in initial cash consideration have been announced since 31 October 2016.

A company statement read: “The board believes that the opportunity exists to acquire appropriately priced businesses and that the net proceeds of the placing will provide the company with a strong platform to finance such acquisition opportunities as well as providing funds for general corporate purposes.

“The near-term pipeline is particularly attractive, with four potential deals currently at various stages of the due diligence and engagement process. In addition to these four potential deals, the company continues to assess other potential acquisitions to further accelerate its growth.”

As at 1 March 2017, the company had cash balances of £4.1 million.