Twenty-five and counting

The ink has barely stopped drying on Oval's latest takeover contract before another needs to be drafted.

The consolidator is building up a head of aquisitional steam to which few in the market can hold a candle. And this light shows now signs of dimming.

So stark is Oval's growth the Sunday Times last week named the financial services group as the 75th fastest growing company in the land.

Considering that ranking is the sum of sales increases over the last three years, the rise is all the more impressive, for Oval has made 50% more acquisitions in 2007 than in the three previous years combined.

Indeed, if Towergate can be called the king of the consolidators, Oval is very much the crown prince. Rumour has it that it has foiled the attempts of its acquisitor competitors, including Jelf, on more than one occasion in recent months.

As the consolidators run out of regional pies in which to stick their fingers, this could become increasingly common.

While share prices tumble, banks restrict their lending, and speculation continues to intensify around the availability of capital Oval, a lot like its larger counterpart, keeps on borrowing in order to buy. It secured an additional £15m last month from Lloyds TSB and Barclays to augment the £53m it was granted in March last year, and is looking to add up to £50m more in 2008.

As long as it continues to make money, there will be plenty of lenders willing to invest. In that sense, in fact, it could be said that the difficulties in the wider financial markets play directly into Oval's hands.

Having made its 15 of its 17 slated buys this year, the company now stands at the quarter century mark; the next milestone is to grow its brokerage from £70m to £100m.

But the party won't stop there, with bullish chief executive Phillip Hodson setting a revenue target of £140m by as early as next summer.

How much of that will be achieved before the changes to the capital gains laws come into effect on 5 April will be interesting, although ultimately may prove to be little more than a footnote.

Much more significant is Hodson's announcement that four "significant" additions will be made in the New Year.

But most significant, and most intriguing of all will be what happens after that and who – if anyone – will attempt to stand in their way.