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Nationwide Accident Repair Services returns

• FROM: July 2006 |
• TAGS: nationwide accident repair services |
• COMMENTS: Add yours

• Nationwide Accident Repair Services returns
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Nationwide Accident Repair Services has returned to the London market.

It was taken private by Guinness Peat and JO Hambro after three decades on the full list. Nationwide has taken advantage of its time out of the limelight to improve the performance of the business and get rid of loss-making sites.

Nationwide operates 69 accident repair centres including 16 that have been acquired in the past three years. Its customers are insurance companies and fleet operators. Eight sites work exclusively for Royal & Sun Alliance.

There was a sharp improvement in profitability in 2005 when Nationwide’s profits increased from £3.16m to £8.4m on turnover 12% ahead at just short of £140m. It should be noted though that the 2005 profit includes a non-recurring charge of £1m and exceptional administrative profits of £4.75m so the improvement wasn't as large as it first looks. In the first quarter of 2006 Nationwide made £2.36m profit although this is always the best performing quarter of the year. Existing shareholders are selling 35% of their stake at 111p a share. The company is valued at £49.8m.

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