Leading legal expenses and insurance add-on specialist ULR Additions – which last year set up an alternative business structure – has been acquired by investment company 116 Cardamon Ltd.
It follows the retirement of the founder and chairman of ULR, the trading name of MotorPlus Limited.
Chorley-based 116 Cardamon’s business strategy is to invest and develop in the claims management industry, and ULR joins a group that already offers medical reporting (through Speed Medical), rehabilitation services and document signing facilities. The group now has a turnover in excess of £60m.
ULR Additions currently works with over 100 insurance brokers, providing in-house claims management and first notification of loss services. It also has a portfolio of 50 insurance add-on products in the motor, commercial, landlord, household and more specialist areas of insurance. In 2013 ULR turned over £19.4m.
The Norwich-based company set up its ABS so it could continue to handle small-scale work in-house following changes to the provisions on in-house lawyers in the SRA Handbook, and also to provide the legal advice helpline the company runs.
Graham Pulford, 116 Cardamon’s group managing director, said: “The acquisition of ULR Additions not only strengthens our group structure and abilities, but it allows us to come together with an already successful firm and assist them in the future developments of the company.
“We can now focus on combining all of our resources and abilities where necessary to grow and prosper in the claims management markets and further afield.”
Rob Kay, chief executive of ULR Additions, said: “The industry we operate in is still evolving and becoming increasingly more competitive. This was therefore a necessary change to remain a fundamental market leader of quality products and services and to grow to the level we wish to.
“Graham and his team bring market knowledge and experience to ULR Additions and with the now enhanced infrastructure combined with the support they offer I am satisfied the new shareholders will create a very powerful and exciting future ahead for all. The priority for me now is to ensure we develop successfully and as ULR Additions and 116 Cardamon Limited share the same values and similar philosophies, I am confident in the success of the whole team.”
Speed Medical is one of the biggest suppliers of medical reports and rehabilitation services in the UK. It was established in 1998 and has over 150 members of staff.