Nationwide prepares to float

Nationwide, the UK car crash repairer, wants to join the London Stock Exchange’s junior market, AIM.

The company is expected to be valued at £50m-£55m and first dealings in the shares are expected at the end of June.

Michael Wilmshurst, Nationwide chief executive, said: “We believe that there are significant opportunities to develop the business, both organically and by acquisition. Admission to AIM represents an important step for us, enhancing our status within our marketplace and providing us with a firm platform on which to build.”

Nationwide operates 69 bodyshops across England, Scotland and Wales. In the year to December 31 2005, Nationwide generated turnover of £140m and an operating profit, before non-recurring items, of £4m.