Nationwide Accident Repair Services Ltd
Details of its Proposed Admission to AIM
• Nationwide, the largest dedicated provider of accident repair services in the UK, is delighted to announce details relating to its proposed Admission to AIM and Placing.
• Nationwide is placing 15,765,766 Ordinary Shares at 111p per share on behalf of existing shareholders, who will retain 65 per cent. of the issued Ordinary Shares following Admission. Arbuthnot Securities Limited is acting as the Group’s Nominated Adviser and Broker.
• At the Placing Price, Nationwide’s market capitalisation will be approx. £50m.
• Share dealings are expected to commence on 4 July 2006.
• Nationwide operates a network of 69 accident repair centres located across England, Scotland and Wales, providing accident repair services to UK motor insurers and fleet operators.
• Nationwide’s customer base includes insurance companies such as R&SA, Norwich Union, Equity Red Star and Zurich and fleet operators such as DHL.
• In the year to 31 December 2005, Nationwide generated turnover of £140.0m and an operating profit, before non-recurring items, of £4.0m.
• The crash repair market is highly fragmented with an estimated total of 6,717 bodyshops in the UK, nearly half of which are owned by small businesses, operating from a single site or small number of sites.*
• The UK crash repair market is gradually consolidating and as the largest dedicated supplier of accident repair services, Nationwide is well placed to play a major role in the ongoing consolidation of the market.
Michael Wilmshurst, Chief Executive, commented,
“We have worked hard over the last few years to improve the performance of the business and believe that by continuing to focus on our customers’ needs, we can achieve our goal of becoming the accident repair services supplier of choice to the UK insurance industry.
Admission to AIM represents an important step in the growth of our business and we look forward to the future with confidence.”
* according to the 2005 Bodyshop Magazine survey