Shares in Nationwide Accident Repair Services (LON:NARS) were bumped higher after the company announced a bolt-on acquisition of crash repair services provider Gladwins.
Gladwins, the eleventh largest independent body shop chain in the UK, is costing Nationwide £9.5mln.
For the year ended 30 September 2013, Gladwins generated revenues of £13.4mln and underlying earnings (EBITDA) of £0.7mln, while performance has improved in the current year, the company revealed.
“Gladwins is one of East Anglia's leading body shop operators and has an excellent reputation for efficient and high quality repairs,” said Michael Wilmshurst, chief executive of Nationwide Accident.
“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," he added.
Shares were up 1.3% at 76p in lunchtime trading.