Witney: Motor repair business drives £20m refinance package from Barclays

Nationwide Accident Repair Services, the largest motor repair business in the UK, has announced a £20million refinance package with Barclays.

Headquartered in Witney, Oxfordshire, Nationwide Accident Repair Services is the largest dedicated provider of automotive crash repair services in the UK, servicing the needs of insurance companies and their customers, as well as fleet and direct retail customers, boasting a national network of accident repair centres and a fleet of mobile vans.

The funding with Barclays consolidates its finances from other lenders and will support the Group’s growth strategy, including the scope for further geographic representation, extending and efficiency enhancing acquisitions such as that of the Howard Basford business recently announced, in addition to providing the Group with a local banking relationship. The deal was arranged by Tim Mayes, relationship director, Barclays Corporate Banking, in Reading.

David Pugh, group finance director at Nationwide Accident Repair Services, said: “As our Group continues to identify and develop growth opportunities, it is important for us to work with a national banking partner supported by local presence and with the strong desire to share in our strategic goals through competitive and flexible banking facilities. Barclays has demonstrated its capability in all of these areas and we look forward to working with them in the future as we continue to develop our business in the UK.”

Mayes added: “A key priority for Barclays is being a trusted financial partner which gives well-managed and structured companies such as this the confidence to invest in their business.”

Nationwide Accident Repair Services is AIM listed.