Redde Northgate ‘poised’ for further strategic initiatives
16th September 2020Tweet
Redde Northgate is ‘poised for strategic initiatives to cement its position as a UK leading supplier’ as demonstrated by its recent acquisition of Nationwide Accident Repair Services.
The news comes as the business announced its preliminary results for year ended 30 April 2020 which included an update on synergies following the merger between Northgate and Redde completed in February 2020 and an update on performance in light of COVID-19.
The results highlighted a revenue of £585.6m an increase of 13% year-on-year.
The business is currently working on a three phase strategic plan: Focus – to complete the integration of Northgate and Redde; Drive – to complete the initiatives around the cost synergies, product and service portfolio and platform; and Broaden – accelerate the service diversification and exploration of market and geographic growth opportunities. The acquisition of NARS was a an example of the Broaden phase, accelerated due to the timing of administration.
The report revelas that since the merger the Group has also made good progress in developing its plans for revenue synergies, which have included FMG winning new contracts with three of Northgate’s major customers and, leveraging Redde’s expertise, Northgate is preparing to launch a new accident and incident management product later in FY2021.
Martin Ward, CEO of Redde Northgate, commented: ‘Our stated aim is to become the leading integrated mobility solutions provider and this will come about under our strategic framework of Focus, Drive and Broaden.
‘On 4 September, we completed the acquisition of certain businesses and certain assets of Nationwide, which ties in with our strategy and vision to become the leading integrated mobility solutions provider, and I welcome our new colleagues to the Group.’Tweet