Accountancy and business advisory firm BDO LLP in Southampton has advised Sewards on its acquisition by AIM-listed National Accident Repair Services (NARS).
Seward is the tenth largest independent accident repair chain in the UK and operates eight bodyshops plus mobile repair services in the region of Poole, Bournemouth, Southampton, Portsmouth and Brighton.
For the year ended March 31 2014, Seward generated revenues of £16.0m and profit before tax and depreciation of £1.1m, with net assets standing at £1.5m at March 31st 2014.
Paul Marden, CEO at Seward, comments: “The industry has become very competitive as large insurance companies are constantly driving down prices. We appreciate the care and attention that BDO has given to this project.”
Group MD at Sewards, Richard Thorogood, is staying on to continue to lead Seward’s operational management team. Now Divisional Director at National Accident Repair Services, he explains: “This acquisition provides greater coverage in the south and improves economies of scale and flow whilst expanding the group’s presence in target markets of insurance, fleet and retail. It is the missing jigsaw piece in the south, and I look forward to driving the business forward with NARS.”
Ben Knowles, M&A senior manager at BDO in Southampton, supported the deal by negotiating Seward’s purchase price with NARS, communicating with shareholders and presenting options to Seward management for them to consider.
He adds: “The acquisition allows the business to compete for new projects at a national level.We ensured the shareholders were well represented throughout the transaction and that it was reflected appropriately in all legal documentation. We coordinated with other areas of BDO such as business advisory and the tax planning teams to ensure that Seward received complete and rounded advice covering all aspects of the deal. This enabled management to maintain focus on running their business.”
The bodyshop will continue to operate as Seward, and the combined business is expected to create additional work for the staff.
