Facility provided by Barclays and Lloyds TSB

Consolidator Oval has increased its facility to fund acquisitions to £68 million.

The being granted by Barclays Leveraged Finance and LloydsTSB Acquisition Finance, who provided Oval with an initial fund of £53m in March last year.

Simon Shaw, Oval’s Group finance director said: "This additional funding, along with the recent Allianz equity injection, further strengthens Oval’s position with view to future acquisitions.

"We are very grateful for the continued support and evident long term confidence that Barclays and LloydsTSB have shown to the Oval group."

The news follows Oval's acquisition of its second stand-alone IFA business, Leicester based financial advisory firm Ward Mitchell Partnership.

Ward Mitchell is Oval’s 24th acquisition since November 2003. The company employs 16 staff in its offices in Leicester and has an annual turnover of £2.5 million.

Phil Hodson, Oval chief executive, added: “We are strongly committed to Oval following an independent, composite model providing both insurance and financial services.

"Our acquisition of Ward Mitchell, demonstrates our continued plan to develop both our broking and financial services businesses."

For the financial year ending 31 May, Oval's group revenues increased by 27% from £47 million to £60 million.