ADVO buys intermediary - and looks for more

ADVO Group has bought Health Care Plus (HCP), a specialist medical insurance intermediary based in Abingdon, Oxfordshire, for an undisclosed sum

ADVO said the acquisition strengthened the group's portfolio as part of the group's policy of expansion through acquisition.

Larry Bulmer, ADVO's CEO, said: "The acquisition demonstrates ADVO's commitment to expansion through acquisition of partners of similar outlook and values.

"We are always open to discussion with intermediaries, and our flexible approach allows us to structure exit strategies either in stages or via a single transaction."

Sue Smith, director at Health Care Plus, will remain with the business, which will retain the Abingdon office, adding to ADVO's presence in London and Maidstone.

ADVO Group also announced organic growth of 11% in the last 12 months.