South of England bodyshop group Seward has been bought by Nationwide Accident Repair Services in a £3.8 million deal.
Seward is the tenth largest independent accident repair chain in the UK and operates eight bodyshops plus mobile repair services in the region of Poole, Bournemouth, Southampton, Portsmouth and Brighton.
For the year ended March 31 2014, Seward generated revenues of £16.0m and profit before tax and depreciation of £1.1m. Its net assets stood at £1.5m at March 31 2014.
Nationwide said the addition of Seward's bodyshops gives NARS greater coverage in the south and improves economies of scale and flow whilst extending the group's presence in its target markets of insurance, fleet and retail.
The acquisition was completed just as a takeover bid for Nationwide Accident Repair Services was announced by The Carlyle Group.
Seward Accident Repair Group is a business wholly independent from the Seward Motor Group which went into administration in 2012 and was rescued in part by Eden Motor Group.