Nationwide, the largest dedicated provider of automotive crash repair services in the UK, has completed the acquisition of East Anglian bodyshop group Gladwins.
The group has paid £9.5m for Gladwins, which is the 11th largest independent bodyshop chain in the UK.
Based in Cambridgeshire, Gladwins operates eight bodyshops, at Peterborough, St.Ives, Warboys, Swavesey, Cambridge, Thetford, Norwich and King's Lynn.
In the year ended September 30 2013 Gladwins generated revenues of £13.4m and an EBITDA profit of £0.7m. Its net assets stood at £3.2m at 30 September 2013.
Nationwide said unaudited management accounts for the eleven months to August 31 2014 show an improved trading performance over the prior year and certain costs historically incurred by Gladwins are avoidable going forward.
Gladwins's sole proprietor, Harvey Death, will support the business over the next twelve months post completion.
Harvey Death, Gladwins chairman, said: "Having worked within this sector for the last 28 years, I have seen significant changes and a trend towards greater consolidation recently.
"Nationwide is the market leader and it was an obvious choice when we were looking for a progressive business with which our team would work well. Both organisations have built strong teams and combined will have a significant presence in the area."
Michael Wilmshurst, chief executive of Nationwide, said: "Gladwins is one of East Anglia's leading bodyshop operators and has an excellent reputation for efficient and high quality repairs. I am delighted to welcome the team to Nationwide.
"The incorporation of Gladwin's within our wider network enhances our presence in the East of England, improving our service offering to customers, and is another step forward in our plan to expand in selective territories so as to improve our economies of scale and flow.
"It also assists us in our objective to continue to build our presence in the insurance, fleet and retail markets."