Accident Exchange Limited has set its sights on future growth and expansion following its acquisition by principal funder Eight Bar Financial International.
Eight Bar acquired AEL following a major restructure of former parent company, Automotive and Insurance Solutions Group plc.
AEL said in a statement that the transaction would result in a “significant deleveraging of the existing debt by Eight Bar to deliver a strong balance sheet for the future”.
Thomas E. Doster IV, founding partner of Eight Bar, said: “We are enthusiastic about the future of the business. Having worked tirelessly to support the Group through some challenging periods, we are delighted to reach this agreement.
“With an incredibly talented management team and financial stability, there is a clear path for growth going forward.”
A statement issuedon behalf of Eight Bar said that the new group would see the trading subsidiaries, DCML (automotive software solutions), In-Car Cleverness (vehicle telematics) and APU (motor fraud investigation specialist), sit under the AEL umbrella.
Lucy Woods has been appointed chief executive of the newly-restructured operation and will continue to be supported by Nikki Roy (chief operations officer), Richard Paul (chief financial officer) and Irfan Sadiq (group counsel), together with the existing operational management team.
Woods has been a director on the Group Board since September 2016 and has over 13 years’ experience as a chief executive and a reputation for delivering sustainable growth in financial performance, Eight Bar's statement said.