TIDMNARS

RNS Number : 3052P

Nationwide Accident Repair Srvs PLC

30 September 2013

Nationwide Accident Repair Services PLC

("Nationwide" or "the Company")

Response to announcement by Quindell Portfolio Plc ("Quindell")

Nationwide, the largest dedicated provider in the UK of accident repair services to the insurance, fleet and retail markets, notes the announcement released on Friday 27 September 2013 by Quindell advising that it has increased its holding to 25.3 per cent of the Company's issued share capital.

The Company confirms that it has had an initial meeting with representatives of Quindell, as a new substantial shareholder, to present the interim results. Although the potential opportunities for both companies to work together in the future were raised, such discussions were limited and conceptual in nature. Quindell also reiterated that, whilst it wishes to achieve a 29.9 per cent interest in Nationwide's share capital, it has no current intention of making an offer for the entire Company*.

The Company remains focused on its customers and its strategy. As stated in the recent interim results, for the six months ended 30 June 2013, there are strategic growth opportunities available to Nationwide and our goal is to continue to broaden the Group's range of complementary automotive related services in order to further extend our presence in the core insurance market and newer fleet and retail markets. The Board remains confident that Nationwide's growing position in its markets leaves it well positioned over the medium term, as an independent company, to deliver shareholder and customer value by creating the UK's leading integrated automotive support services group.

* The reference to Quindell not currently having an intention of making an offer is not being made with the consent of Quindell and Quindell is therefore not bound by Rule 2.8 of the Takeover Code

Enquiries:

 
 Nationwide Accident Repair   Michael Wilmshurst,          T: 01993 701720 
  Services plc                 Chief Executive 
                               David Pugh, Group Finance 
                               Director 
 
 Biddicks                     Katie Tzouliadis/ Alex       T: 020 3178 6378 
                               Shilov 
 
 Westhouse Securities         Robert Finlay/ Antonio       T: 020 7601 6100 
                               Bossi/ Henry Willcocks

About Nationwide

Nationwide provides automotive crash repair and accident administration services to the UK insurance industry, fleet operators and retail customers and is the largest dedicated provider of accident repair services in the UK.

The Group operates a national network of accident repair centres across England, Scotland and Wales and has dedicated mobile repair fleets which repair light damage and automotive glass. Other services include accident administration, courtesy cars and salvage management. All Nationwide's services are fully integrated and unified on a single IT platform, enabling the Group to provide market-leading standards.

This information is provided by RNS

The company news service from the London Stock Exchange

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