HAMPSHIRE healthcare group SPS Wellbeing has been sold to the rival Jelf Group for £10m.

Some of the 70 staff of Ringwood based SPS are to be given a stake in the Jelf Group, which now collects £125m worth of healthcare premiums a year.

An insurance intermediary, SPS advises companies on the level of healthcare insurance and employee benefits they offer to staff.

SPS was founded by managing director Andrew Grigg, who will continue to run the business. Financial director Richard Harrison and commercial director Angus McDonald both also stay on in a consultancy capacity.

Mr Grigg said: "Joining forces with a company as like-minded as the Jelf Group will be extremely advantageous for our clients and employees - two stakeholder groupings that have been at the heart of this company's success over the years."

Alex Alway, group chief executive of the Jelf Group, said: "By joining forces with SPS Wellbeing, we extend our reach within the employee benefits arena and will offer an outstanding proposition.

"Not only will our clients benefit from the broadened healthcare expertise, but SPS Wellbeing's clients will have at their disposal a broader range of services, including the group's market leading flexible benefits offering.

"All in all, this is a powerful union that is set to shape the industry."