Replacement vehicle specialist Accident Exchange is to float on the London Stock Exchange. The company said it was seeking admission to AIM.
The company said it intended to raise £1.5m through a placing of shares with institutional investors, as it looked to expand its fleet and develop a field sales team to support its relations with franchised dealers, bodyshops and manufacturers. The company currently has a fleet of 220 prestige vehicles.
Accident Exchange founder Steve Evans said: “We believe that the AIM quotation will provide the company with greater visibility, and improving the strength of the balance sheet will help us service the needs of an increasingly customer orientated bodyshop and aftermarket environment through the use of intelligent technology.
“It is an important step in our strategy of building a position of market leader within the prestige credit hire sector.”
Accident Exchange will come to market via a reverse takeover of XecutiveResearch Group, a non-trading shell company. With approval from XecutiveResearch shareholders, trading under the name Accident Exchange Group plc is expected to commence on AIM in mid-April.
