Redde Northgate PLC confirmed Tuesday it is in advanced discussions about a possible transaction involving Nationwide Accident Repair Services.
“The group believes the network of body shops and customer base would be a good strategic addition to its business,” the light commercial vehicle hire business added.
Redde works predominantly with insurance companies, insurance brokers, motor dealerships, and national fleet owners and also offers a range of accident management, incident management and legal services.
Nationwide Accident Repair Services is a car body repair business.
“There can be no certainty that a transaction will be entered into, nor the terms of any such transaction. If a transaction does take place, it will be funded through the group’s own cash resources. A further announcement will be made when appropriate.”
Shares in Redde Northgate were down 1.1% in London on Tuesday at 187.60 pence each.
Statement re media speculation
Redde Northgate plc (LSE: REDD), the integrated mobility solutions provider, notes recent media speculation about its interest in Nationwide Accident Repair Services.
The Company confirms it is in advanced discussions about a possible transaction involving Nationwide Accident Repair Services. The group believes the network of body shops and customer base would be a good strategic addition to its business.
There can be no certainty that a transaction will be entered into, nor the terms of any such transaction. If a transaction does take place, it will be funded through the Group’s own cash resources. A further announcement will be made when appropriate.
The individual responsible for releasing this announcement is Nick Tilley , Company Secretary.
For further information contact:
Buchanan
David Rydell / Jamie Hooper / Tilly Abraham +44 (0) 207 466 5000
Notes to Editors:
Redde Northgate plc is a leading integrated mobility solutions platform formed in February 2020 following the all-share merger of light commercial hire business Northgate plc and Redde plc, the provider of incident and accident management, legal and other mobility-related services.
The Group provides mobility solutions and automotive services to a wide range of businesses and customers spanning the vehicle life cycle across vehicle supply, service, maintenance, repair, recovery, accident and incident management and disposal through sale or salvage.
With an extensive network and diversified fleet of over 110,000 owned vehicles and over 400,000 managed vehicles in more than 100 branches across the UK, Ireland and Spain , the Group aims to utilize its scale, reach and comprehensive suite of integrated services to offer a market- leading customer proposition and drive enhanced returns for shareholders.
Further information regarding Redde Northgate plc can be found on the Company’s website:
www.reddenorthgate.co.uk
This article is care of https://www.finanznachrichten.de/nachrichten-2020-09/50585549-redde-northgate-plc-statement-re-press-comment-008.htm
