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Abbey Protection plans to expand; INSURANCE.

Abbey Protection, the Rugby-based specialist supplier of legal and professional fees insurance products and services to UK small and medium sized enterprises, floated on the AIM market yesterday.

It arrived with a share price of 55p, giving the company a market cap of pounds 55 million.

The Birmingham office of law firm Eversheds led by corporate finance partner Keri Rees advised on the move.

Mr Rees said: "Anyone involved in the capital markets will appreciate how difficult things have been of late, which makes Abbey's success all the more important."

Abbey Protection's principle products provide protection against costs incurred as a result of legal actions and HM Revenue & Customs investigations.

"An increasingly litigious society, a growing compliance burden from higher levels of regulation and an increasing level of HMRC audit activity, will continue to drive growth," said chief executive Colin Davison.

Abbey intends to expand, particularly into the compliance consultancy market.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Nov 30, 2007
Words:151
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