Capita buys HFR and Lancaster Insurance Services for £16.5m

31st March 2008

Business Support services group Capita has bought HFR Holdings Ltd and Lancaster Insurance Services for approx £16.5m. net of cash, adding greater capacity and new expertise to its insurance intermediary business.

Lancaster, which is specialized in providing insurance for classic cars, is expected to record annual operating profit of about GBP 1.7 million, on turnover of GBP 6.6 million

Chief executive Paul Pindar said "Lancaster will add both new, specialist expertise and important cost synergies to Capitas personal insurance intermediary and administration business,” 

Its acquisition will allow us to provide a more comprehensive service offering over a greater range of product lines,” he added.

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