Frenkel Topping founder sells subsidiary stakes
FRENKEL Topping has bought minority stakes in two subsidiaries from founding partner John Frenkel.
The Trafford company provides specialist investment advice to people who have been awarded major personal injury or clinical negligence awards to pay for care.
In a stock market statement the AIM-listed company said it had acquired the 17.2% interests it does not already own in Frenkel Topping Limited and Frenkel Topping Structured Settlements Limited.
FTSSL is a dormant non-trading company, but most of Frenkel Topping’s business goes through FTL, with pre-tax profits of £954,289 in the year to December 2011.
It has paid £749,999 for the stake in FTL which Mr Frenkel is taking as 4.2 million shares. He will receive a nominal £1 for FTSSL, in the form of six shares.
The company was advised by Roger Hart and Kieran Toal at the Manchester office of law firm Addleshaw Goddard.
