Post-tax profits at Redington fell 28% to just under £800,000 in its last financial year after the investment consultant stepped up a drive to grow and invest in new ventures.

Administration costs rose 25% to £10.9 million in the 12 months to April 30 following the deals, according to Redington's newly-filed accounts at Companies House. During the year, Redington made good on its pledge 12 months earlier to add extra staff in its "growth phase", recruiting 20 professionals, taking its headcount to 88.