Profits also almost doubled with adjusted EBITDA hitting £4.5m (2020: £2.5m).

Assets under management grew 16% to £1.17bn (2020: £1.01bn).

Assets on a DFM mandate increased 28% to £676m (2020: £527m).

Client retention rates were 99%, according to the trading update released by the advice firm this morning.

In 2021 Frenkel Topping completed the acquisitions of Partners in Costs Limited, A & M Bacon Limited, Bidwell Henderson Costs Consultants Ltd, in addition to acquiring Forths Associates in 2020. These acquisitions added £7m of revenue & £1.8m EBITDA in 2021.

Frenkel Topping raised £13m for acquisitions in July 2020 and has made five acquisitions since in the personal injury and clinical negligence space.

The advice firm’s partnerships programme also contributed significantly towards the 2021 results, adding £12m of assets under management.

Richard Fraser, CEO of Frenkel Topping Group, said that advice firm continues to assess further strategic acquisitions.

In January the firm acquired Cardinal Management which provides support and advice services to NHS major trauma centres.

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.

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