THE man behind a successful Bolton business has just sold up for £8 million.

Peter Laithwaite sold Recover Healthcare, the company he founded 2009, to AIM-listed Quindell Portfolio.

Recover, which is based at the Evans Business Centre in Manchester Road, Bolton, provides a range of medico-legal services to solicitors, insurers, employers, health professionals and private clients.

It is hoped the sale will create more jobs in Bolton.

Mr Laithwaite, who will remain as managing director for 18 months, said: “The deal is great news.

We have 20 staff but that could rise to 40 or 50 by the summer.

“They were a bit anxious about the sale but I’ve announced an incentive programme meaning if they stay then they will receive a sizeable, one-off bonus.”

The firm has also developed an IT software business, called iSaaS Technology, which will allow firms to take advantage of major changes in the medico-legal sector next month.

Quindell is paying £1.34 million in cash for Recover and settling the balance with 38 million Quindell shares each worth 0.17p.

Mr Laithwaite said Quindell wants to consolidate its medical and rehabilitation work.

The Bolton firm currently deals with up to 2,500 cases monthly but that could rise to 10,000 a month after the sale.

Mr Laithwaite, aged 45, who grew up in Astley Bridge, attended Sharples High School and then worked for petrol firm Fina, who funded his night class business studies at Bolton College.

He later worked for a legal firm and became a sales director. When it was sold he set up Recover with colleague Dr David Pearce in 2009.

Their business developed into Recover Healthcare and React Medical Management, with Adam Tulk becoming the chief executive of iSaaS Technology.

Rob Terry, Quindell’s chief executive, said: “We believe this delivers significant benefits beyond our own operations and it is great that we are now able to formalise this relationship through this acquisition.”

Recover was named SME of the Year in the 2012 Bolton and Bury Business Awards and Mr Laithwaite hopes to apply for a different category this year.

He said: “We had a fantastic time last year and I’d encourage all firms to enter the awards.”

For awards details see s/business_awards