MORE staff in Oxfordshire are set to be hired by Witney-based insurance company A-Plan, following the purchase of a majority stake by private equity firm HgCapital.

Carl Shuker, A-Plan’s chief executive officer, said: “We have a new investor who is backing us for growth. We’re looking to open more branches and employ more staff.”

A-Plan, which operates throughout the UK, employs about 100 people across Oxfordshire, including 15 at its headquarters in Witney and the remainder at its six branches in Witney, Oxford, Abingdon, Carterton, Banbury and Bicester.

Mr Shuker said that while the company had no plans to open more branches in the county, it would take on additional local staff, but had no details of numbers.

“Our Oxfordshire branches are still growing and we’re still employing more people,” he said.

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HgCapital, which is based in London and Munich and manages about £5bn worth of investments, is to buy about 70 per cent of A-Plan for an undisclosed amount from another private equity firm, Equistone. The transaction is subject to approval by the Financial Conduct Authority.

The remaining 30 per cent of A-Plan is owned by management.

Mr Shuker said A-Plan’s business model was based on providing local service for local customers. Each branch looks for new clients within its local community.

Andrew Land, partner at HgCapital, said in a statement: “We are delighted to be backing Carl and his team.”

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