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Nationwide, the UK automotive crash repairer, has acquired East of England bodyshop group Gladwins in a £9.5 million deal.
Based in Cambridgeshire, Gladwins operates eight bodyshops, at Peterborough, St.Ives, Warboys, Swavesey, Cambridge, Thetford, Norwich and King's Lynn, which provide automotive repair services to fleet operators, insurers and retail customers. It takes Nationwide's UK bodyshop representation to 73 sites.
The Gladwins sites wil be rebranded as Nationwide Gladwins.
The deal includes Gladwins' freehold properties (worth £4m) and Nationwide said the acquisition was funded from its own cash and banking resources.
Nationwide is expecting the acquisition to be earnings enhancing after 12 months.
Harvey Death, Gladwins chairman, said: "Having worked within this sector for the last 28 years, I have seen significant changes and a trend towards greater consolidation recently. Nationwide is the market leader and it was an obvious choice when we were looking for a progressive business with which our team would work well.
"Both organisations have built strong teams and combined will have a significant presence in the area."
Death will support the business over the next 12 months as Nationwide integrates the Gladwins business.
Michael Wilmshurst, Nationwide chief executive, said: "The incorporation of Gladwin's within our wider network enhances our presence in the East of England, improving our service offering to customers, and is another step forward in our plan to expand in selective territories so as to improve our economies of scale and flow.
"It also assists us in our objective to continue to build our presence in the insurance, fleet and retail markets."
For the year ended 30 September 2013, Gladwins generated revenues of £13.4m and an EBITDA profit of £0.7m. Its net assets stood at £3.2m at 30 September 2013.
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