31st Mar 2008 07:00
Capita Group PLC31 March 2008 31 March 2008 CAPITA ACQUIRES LANCASTER INSURANCE SERVICES LTD The Capita Group plc ("Capita") today announces the acquisition of HFR HoldingsLtd and Lancaster Insurance Services Ltd ("Lancaster") for a consideration ofapproximately £16.5 million, net of cash acquired. The acquisition will addgreater capacity and valuable new expertise to Capita's insurance intermediarybusiness. Lancaster specialises in providing insurance for classic cars. Its operatingprofit for the 12 months ended 31 December 2008 is forecast to be £1.7 millionon turnover of £6.6 million. Paul Pindar, Chief Executive of the Capita Group Plc said: "The acquisition ofLancaster will add both new, specialist expertise and important cost synergiesto Capita's personal insurance intermediary and administration business.Lancaster operates in a number of areas of the market that differ from, butcomplement, those in which our existing business, BDML, operates. It works withmany of the same insurers providing for future negotiations to reflect these neweconomies of scale and the opportunity to offer more ancillary products toexisting customers. Its acquisition will allow us to provide a morecomprehensive service offering over a greater range of product lines. Thebringing together of the two businesses also provides new career opportunitiesfor employees in both." Bill Godsell, Managing Director at Lancaster said: "Joining forces with Capitarepresents a great opportunity for both our insurance industry clients and ourstaff. We are fully committed to maintaining the focus that we have onspecialist expertise and service excellence and being part of Capita will allowus to further enhance the value we offer in these areas." -ends- For further information please contact: Paul Pindar, Chief Executive Shona Nichols, Corporate Communications Director Tel: 020 7799 1525 Media enquiries: Caroline Mooney Capita press office Tel: 0207 654 2152 or 0870 2400 488 (out of hours) Notes to editors: The Capita Group Plc is the UK's leading provider of integrated professionalsupport service solutions. The Group's service capabilities encompass customerservices, financial services, human resource services, software services,systems and strategic support and property services delivered to both publicsector and private organisations. With over 29,000 employees at more than 300offices across the UK, Ireland and India, Capita is quoted on the London StockExchange (CPI.L), and is a constituent of the FTSE100 with revenues for 2007 of£2,073 million. Further information on The Capita Group Plc can be found at: http://www.capita.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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