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Nationwide bids to buy NBGI stake

The management at Nationwide Autocentres has tabled a bid to buy out NBGI Private Equity’s investment when the venture capitalist withdraws its shareholding later this year.

Chief executive Tom Dunn led a management buy-in backed by NBGI in 2001. Now that NBGI is nearing the end of its investment cycle, Nationwide, which won AM Repairer of the Year in 2004 and is shortlisted this year in Repairer and Training categories, has appointed accountant KPMG to advise on its strategic options.

These will include flotation or sale, but Dunn hopes Nationwide’s future will be secured by its board. “As far as the management are concerned, we are a bidder and have tabled our offering for the equity,” he explains. NBGI’s shareholding totals just under half the £40m company.

Nevertheless, it may attract bids from rivals. Dealer group Lookers already expects growth in the aftermarket.

When AM asked if it would submit a bid for Nationwide, Lookers’ chief executive Ken Surgenor would only state: “If there’s an opportunity out there we will always look at it.”

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