Nationwide Accident Repair Srvs PLC Acquisition of Gladwins (9501R)
18 Setembro 2014 - 3:00AM
UK Regulatory
TIDMNARS
RNS Number : 9501R
Nationwide Accident Repair Srvs PLC
18 September 2014
AIM: NARS
Nationwide Accident Repair Services plc
("Nationwide" or "the Group")
Announces
Acquisition of East of England based bodyshop chain,
Gladwins
Nationwide, the largest dedicated provider of automotive crash
repair services in the UK, is pleased to announce that it has
completed the acquisition of Derek Gladwin Ltd ("Gladwins"), from
its sole proprietor. The total net cash consideration of GBP9.5m,
including freehold properties of GBP4.0m, will be funded from the
Group's own cash and banking resources and the acquisition is
anticipated to be earnings enhancing in the first full year
following the acquisition. Gladwins is a leading provider of crash
repair services in the East of England and the eleventh largest
independent bodyshop chain in the UK.
Based in Cambridgeshire, Gladwins operates eight bodyshops, at
Peterborough, St.Ives, Warboys, Swavesey, Cambridge, Thetford,
Norwich and King's Lynn, which provide automotive repair services
to motor insurers, consumers and fleet operators. For the year
ended 30 September 2013, Gladwins generated revenues of GBP13.4m
and an EBITDA profit of GBP0.7m. Its net assets stood at GBP3.2m at
30 September 2013. Unaudited management accounts for the eleven
months to 31 August 2014 show an improved trading performance over
the prior year and certain costs historically incurred by Gladwins
are avoidable going forward. Gladwins's sole proprietor will
support the business over the next twelve months post
completion.
The addition of Gladwins is highly complementary to Nationwide's
existing operations and provides the Group with a significantly
enhanced presence in the Eastern region, with the prospect of
economies of scale and flow. It also helps to increase Nationwide's
presence in its target markets of insurance, fleet and retail.
Harvey Death, Chairman of Gladwins, said,
"Having worked within this sector for the last 28 years, I have
seen significant changes and a trend towards greater consolidation
recently. Nationwide is the market leader and it was an obvious
choice when we were looking for a progressive business with which
our team would work well. Both organisations have built strong
teams and combined will have a significant presence in the
area."
Michael Wilmshurst, Chief Executive of Nationwide,
commented,
"Gladwins is one of East Anglia's leading bodyshop operators and
has an excellent reputation for efficient and high quality repairs.
I am delighted to welcome the team to Nationwide.
The incorporation of Gladwin's within our wider network enhances
our presence in the East of England, improving our service offering
to customers, and is another step forward in our plan to expand in
selective territories so as to improve our economies of scale and
flow. It also assists us in our objective to continue to build our
presence in the insurance, fleet and retail markets."
Enquiries:
Nationwide Accident Michael Wilmshurst, Chief T: 020 3178 6378
Repair Services Executive (today)
plc David Pugh, Group Finance T: 01993 701720
Director
KTZ Communications Katie Tzouliadis T: 020 3178 6378
Deborah Walter
Westhouse Securities Antonio Bossi T: 020 7601 6100
Henry Willcocks
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQQKODDQBKDOCD
Nationwide Accident Repair Svc (LSE:NARS)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Nationwide Accident Repair Svc (LSE:NARS)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024