13th Dec 2006 12:24
Nationwide Accident Repair Srvs PLC13 December 2006 NARS.L13 December 2006 Nationwide Accident Repair Services PLC ("Nationwide" or "the Company") Acquires Motor Services Division Nationwide Accident Repair Services PLC, the largest dedicated provider ofautomotive crash repair services in the UK, is pleased to announce theacquisition of the business of Aquilo Motor Services Ltd, a subsidiary of AquiloPLC, for a total consideration of £1.275m. The consideration comprises £750,000in cash and £750,000 of net assets, adjusted for creditors and a rent freeperiod. Based in Northwich, Cheshire, Aquilo Motor Services Ltd provides comprehensivemotor claims management services to insurers, insurance brokers and affinitygroups. Services are provided on a twenty-four hour basis from a contact centreand include full claims management, engineering services, emergency and roadsideassistance as well as vehicle repair services and total loss management. For thesix months ended 30 June 2006, Aquilo Motor Services Ltd reported unauditedturnover of approximately £6.1 million. The acquisition enhances Nationwide's existing accident administrationcapability, adding further services. Michael Wilmshurst, Chief Executive, said, "We believe that this is an important and strategic acquisition extending ourexpertise in 'first notification of loss' handling. It enables us to offer ourinsurance, fleet, broker and claims management customers a complete supportservice in the automotive repair market. We now have the capability to handleinitial calls, deploy work to customer-designated repair networks, handle andmanage claims and offer full vehicle repair services across the UK. Ourcustomers can choose to use all or just part of the service that we offer in amanner that suits their business objectives". "Additional benefits of this acquisition include the ability to offer ourcustomers management information throughout the complete claims process. It isour intention to retain the facilities at Northwich and we look forward todeveloping the business further". About Nationwide Nationwide provides automotive crash repair and accident administration servicesto the UK insurance industry. With a network of 69 accident repair centreslocated across England, Scotland and Wales employing over 2,100 people, it isthe largest dedicated provider of accident repair services in the UK. TheGroup's customer base includes insurance companies such as Royal & Sun Alliance,Norwich Union, Equity Red Star and Zurich and fleet operators such as DHL. Enquiries: Nationwide Michael Wilmshurst, Chief T: 01993 701 720Accident Repair ExecutiveServices plc David Loftus, Finance Director Arbuthnot James Steel or Alasdair Younie T: 020 7012 2000Securities Biddicks Katie Tzouliadis T: 020 7448 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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