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Venture capitalists improve takeover bid for Nationwide

Guinness Peat Group and JO Hambro are poised to take a controlling interest in Nationwide Accident Repair Centres after raising their joint offer from 79p to 90p a share. The venture capitalists say they have acquired a further 7.04 per cent stake, giving them a 44.74 per cent share.

The improved bid values the 65-outlet company at about £24m. Blake Nixon is confident Nationwide's shareholders will succumb to the renewed offer.

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