(Alliance News) - Redde Northgate PLC confirmed Tuesday it is in advanced discussions about a possible transaction involving Nationwide Accident Repair Services.
"The group believes the network of body shops and customer base would be a good strategic addition to its business," the light commercial vehicle hire business added.
Redde works predominantly with insurance companies, insurance brokers, motor dealerships, and national fleet owners and also offers a range of accident management, incident management and legal services.
Nationwide Accident Repair Services is a car body repair business.
"There can be no certainty that a transaction will be entered into, nor the terms of any such transaction. If a transaction does take place, it will be funded through the group's own cash resources. A further announcement will be made when appropriate."
Shares in Redde Northgate were down 1.1% in London on Tuesday at 187.60 pence each.
By Paul McGowan; email@example.com
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