Bath-based Helphire has bought a law firm in a deal that could cost around £40 million.
The accident management company, which has its headquarters on Lower Bristol Road, has reportedly bought the Cardiff-based New Law Group for £24.5 million. The deal also involved the transfer of shares worth up to £10 million and debt worth £8 million.
Chief Executive of Helphire, Martin Ward, said: "After working with New Law for many years, we are delighted to have secured a first class and well-established legal services business together with its management team. This addition to the Helphire group supports our strategic direction to broaden the scope of services we offer in related markets and we look forward to building on our more recent success."
Helphire recently reported its latest set of results. These show the company generated adjusted pre-tax profits of £4.2 million in the 2013 calendar year, up from £500,000 a year earlier.
In 2010 Helphire axed around 1,200 jobs, many in Bath.
It also closed its call centre in the city, concentrating its operations in the north of England.
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