The Hampshire-based financial planning group currently has more than 80 financial advisers who provide planning and wealth management advice to retail investment clients as well as to a number of companies.

Through its financial advisers, Harwood offers a broad range of services, including mortgage, investment management and retirement planning advice.

In conjunction with the share placing, Neil Dunkley, joint chief executive officer; Sian Dunkley (Neil’s wife); and Mark Howard, chief commercial officer, have conditionally agreed to sell 1.3 million existing ordinary shares owned by them at the placing price.

The financial planning group's team, picture attributed to Harwood Wealth Management 

The three have agreed to a 12-month lock-in in respect of their remaining ordinary shares.

Neil was delighted with the strong support from investors, which capped a remarkable first 12 months as a listed company.

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“It is particularly pleasing to welcome a number of new institutional shareholders and we are extremely encouraged that they have chosen to back us.

“Our full year results, announced in January, were proof of the strength of our model and these additional funds will enable the company to pursue more acquisition opportunities.

“I would like to thank our customers, shareholders and employees for their continuing support."

The net proceeds of the placing of new ordinary shares will be used principally to finance new acquisitions.

The placing and the share sale are conditional upon Harwood obtaining approval from its shareholders to disapply pre-emption rights and grant the board authority to allot the placing shares.

Since its formation in 2001, Harwood has grown both organically and through acquisition having acquired 49 financial services businesses.

Harwood has signed heads of terms in respect of a further six acquisitions, estimated to be worth around £3.1m which, if completed, would add an estimated £156m of client assets.

Harwood completed a total of 17 acquisitions in the 2016 financial year for a total consideration of £11.6m.

The £10m Harwood has conditionally raised through the share placing will allow it to continue this pursuit of its growth strategy.