07 September 2020 | David Young
Redde Northgate has confirmed the acquisition of the majority of Nationwide Accident Repair Services sites for an initial £11m plus a further £5m deferred.
Redde Northgate will take up to 77 of Nationwide's 102 bodyshop sites. The acquisition will see approximately £17m of gross assets, including a fleet of mobile repair vans to service customers in their location, as well as approximately 2,300 of Nationwide staff, transfer to the purchasing subsidiary.
Redde Northgate says the acquisition reinforces its proposition in service, maintenance and repair services as, before this transaction, it did not have in-house capability for repairs, in the UK.
Martin Ward, CEO of Redde Northgate, said: "At the time of the Redde Northgate merger, we set out our vision to become the leading integrated mobility solutions provider. This acquisition, our first post-merger, is in line with that vision and significantly increases our strategic and operational capability to support a wider number of business partners requiring automotive repairs. We expect this acquisition will open up new markets to the group, and in combination with an established pipeline of repair work from existing group companies, such as FMG, it is well placed to maximise future opportunities."
Source: Redde Northgate
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