Hyder Consulting has raised about £7.8m for acquisitions in Germany and Hong Kong by issuing new shares.

In a statement to the stock exchange Hyder said: “The group has a current pipeline of potential acquisitions under active discussion of up to £20m in aggregate, and hopes to be able to secure a reasonable proportion of these.

“The group has targeted to spend up to £30m on acquisitions over the next two to three years.”

Germany and Hong Kong were singled out as areas in which Hyder was particular keen to achieve “critical mass”.

The company is targeting business that could enhance its advisory and private-client divisions.