Gibraltar. Freya Ingrid Morales/Bloomberg.

Gordon Dadds has acquired a Gibraltar-based law firm, in its latest move to expand its international presence.

Gordon Dadds has taken over Rampart Corporate Advisors for up to £1.34 million, based on performance. The firm, which has four lawyers on its team, reported profits before tax of about £400,000 and turnover of just over £1.1 million for the year ended June 2018, and specialises in e-gaming, financial services and fintech, distributed ledger technology and cryptocurrency matters.

The group will pay £342,000 for Ramparts on completion of the transaction, with the deferred consideration related to the turnover achieved by the business during the next three years, and paid quarterly. The deferred consideration is subject to a maximum payment of £1 million.

The listed group, which bought Ince & Co in a pre-pack administration late last year, began a capital fundraising effort to raise £10m in January as part of its expansion plan, which included targeting opportunities in Gibraltar.

The firm said that it was interested in acquiring businesses with at least £10m in fee income or with a "complimentary international business" in Bermuda, China, Gibraltar, Hong Kong, Malta and South Africa.

In a statement, Gordon Dadds chief executive officer Adrian Biles said: "With this acquisition, Ince Gordon Dadds now has 13 offices across eight countries and territories, and annual revenues of some £100m."

Peter Howitt, managing director of Ramparts, who will now become a partner in Ince Gordon Dadds, commented in the same statement: "This opportunity will allow us to develop a local maritime offering, as well as open up our specialist offering to a far wider international client base."

Ince Gordon Dadds brought on a further five legacy Ince & Co offices to the firm last week, in a move that will boost the merged entity's annual revenues to above £100 million.

Earlier this year, the acquisitive law firm sought to raise £10 million in capital in a bid to pick up more international businesses but its share price suffered as a result. The value of its shares has dropped by nearly 30% from January 2, when it was trading at 190p per share, until Friday, when shares closed at 135p.