The business and assets of Nationwide Accident Repair Services which were bought out of administration earlier in the year by Redde Northgate are expected to be rebranded under the existing FMG brand.
READ: HUNDREDS OF JOBS LOST AS NATIONWIDE GOES INTO ADMINISTRATION
The announcement is expected at the Redde Northgate AGM which takes place this morning (October 28).
FMG was established in 1986 in Huddersfield, and remains one of the largest private employers in that town. Currently the company’s core business is in roadside services and incident management services for large fleets. It was acquired by Redde Northgate in 2014 for approximately £43.2m in a private equity-backed deal.
READ: FLEET MANAGEMENT WITH A MODERN TOUCH
Redde Northgate was reported to have paid administrators £11m for 77 out of 102 Nationwide branches, plus a deferred consideration of up to £5m, conditional on retention of certain key accounts. The firm also took on 2,300 of the former bodyshop’s staff.
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