Funeral Services Partnership (FSP), a group of independent funeral businesses in the UK, has raised £3.75 million.

The deal marks the first investment for equity house Octopus Intermediate Capital, providing £2.75 million from its new £45 million fund. Aberdeen Asset Managers Growth Capital invested £1 million, which follows its founding investment of £4 million into the company in April and June.

The new funding will enable FSP to complete the acquisition of a further five funeral businesses in the south of England. The company was advised on the fundraising and acquisition by accountants Cooper Parry and law firm Freeth Cartwright.

The firm was founded in April 2007 by Phillip Greenfield, a former director of the Fairways funeral business, which he grew to manage 6,000 funerals per year and was sold to the Co-operative Group in 2006 in a multi-million pound deal.