Oval in £3m deal for broker

OVAL has acquired a Gloucester-based insurance broker in a deal worth £3m, the Yorkshire Post can reveal.

The insurance broking, risk management and financial advisory group also confirmed yesterday it has appointed Rothschild to advise on future options for the business.

Phillip Hodson, the chief executive, said the corporate finance adviser would "look at everything from acquisitions to an initial public offering".

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Mr Hodson said the deal to buy JL Fisher & Co in a cash and equity transaction would be the precursor to a bigger "transformational" acquisition by the group, which has 25 offices across the UK.

David Forbes of Rothschild's Leeds office will advise Oval on the strategic review of its business.

JL Fisher & Co has developed a strong reputation in its local market over the last three decades and offers insurance services to a wide range of business sectors including engineering, manufacturing, construction, charities, education and property investors.

The acquisition strengthens the group's increasing presence in the south west.

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John Fisher, formerly chairman of J L Fisher & Co, said: "We felt that Oval is closely aligned to our values.

"As the economy remains fragile, we also felt that Oval would continue to provide security for our clients and an even wider range of services and expertise."