Potential buyer for NARS
Integrated mobility services provider Redde Northgate PLC has confirmed it is in advanced discussions about acquiring Nationwide Accident Repair Services (NARS).
The company said: “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.”
Redde’s core business is the hire of light commercial vehicles to businesses on a flexible and term basis. It 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.
NARS is a network of 115 service centres and mobile repair vans which carries out more than 300,000 repairs a year. It is owned by The Carlyle Group, which bought it in 2015 for just over £43m.
