Last checked at 15 Oct 2014 07:00
15 October 2014
The Innovation Group plc('Innovation Group' or the 'Group')
Acquisition Update
On 1 October the Group re-iterated that it was in advanced negotiations regarding a UK Motor BPS acquisition, for which due diligence and contract negotiations were taking longer than originally anticipated.
Following completion of that due-diligence and negotiation process, the Group confirms that appropriate terms could not be reached. Therefore this particular acquisition will not proceed further.
The Group continues to pursue its stated aim to expand its UK Motor business through acquisition and will update the market should the pipeline of other such opportunities develop further.
Enquiries:
The Innovation Group plc | Tel: +44 (0) 1489 898 300 |
Andy Roberts, Chief Executive Officer | |
Jane Hall, Group Finance Director Louise Fisk, Head of Global Communications | |
FTI Consulting LLP | Tel: +44 (0) 20 3727 1000 |
Edward Bridges / Matt Dixon / Rob Mindell / Karen Tang |
About The Innovation Group:
The Innovation Group plc (LSE: TIG.L) is a global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries. Innovation Group provides contact centres, repair networks, process management, supply chain and technology operations and decision support analytics to support accident management, repair and estimation and claims management services. Innovation Group has over 800 global clients including AXA, RSA, American Modern Insurance Group, LeasePlan, The Ford Motor Company, Aviva, Toyota and Zurich. The Group processes more than 4 million claims per year with 20 per cent direct claims cost saving achieved. Innovation Group's 2,300 people are located in the United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, India, Pakistan, South Africa, Spain and United States.
www.innovation-group.com