Salford-based financial adviser and professional services firm Frenkel Topping, which is in discussions over a £68m takeover bid by private equity firm Harwood, said funds under management grew to £1.63bn in the first six months of the year.

That was up from £1.46bn in the first half of 2024.

In a stock market statement, the company said: “The first six months has seen the company make good progress against its strategic plans and solid performance across our subsidiaries.”

The firm operates within the personal injury and clinical negligence marketplace. It said its Major Trauma Support Partnership (formerly Cardinal Management) increased its presence in NHS Major Trauma Centres through the addition of Royal Stoke University Hospital to its portfolio, taking the total number of MTCs supported to twelve.

Frenkel Topping said: “We continue to work with the NHS to demonstrate the benefits of these services and remain committed to increasing our growing presence across further MTCs to better support the interests of claimants and the work of their professional representatives.”

The business said growth continued across its transactional businesses, predominantly driven by increases in the number of Medico-Legal expert witnesses it is engaged with, allowing the firm to handle larger volumes of work, as well as improved performance within its costs segment.

Figures were boosted by the acquisition of Northwest Law Services, which was announced in April 2024.

Referring to the possible offer from Harwood, the firm said: “Discussions remain ongoing and a further announcement(s) will be made in due course as and when appropriate.”

The bid was first announced on 2 June when Harwood offered a cash deal of 50p a share, or an alternative offer of 10p a share plus shares in the newly-created company, if the takeover is successful.

Last month the deadline for Harwood to make a firm intention to make an offer was extended to 5pm on 25 August.

Frenkel Topping was established in 1979 as a specialist forensic accountants by John Frenkel and Mike Topping. The company was dedicated to servicing lawyers dealing with large personal injury and clinical negligence claims. It floated on AIM in 2004.

It now has a number of businesses including Cardinal Management which was established in 2015 to provide trauma support and direction. In 2016, Frenkel Topping Group launched its discretionary fund management service, Ascencia and in 2018 it created wealth manager Obiter.

In recent years it has been busy on the acquisition trail, beginning with Manchester and Leeds-based forensic accountancy Forth’s in 2020. In 2021 it acquired civil and commercial litigation costs consultants A&M Bacon and Partners in Costs (PIC), a costs law specialist, both based in Doncaster.