Information  X 
Enter a valid email address

Accident Exchange (~268)

  Print      Mail a friend       Annual reports

Thursday 31 March, 2005

Accident Exchange

Re. Agreement

Accident Exchange Group PLC
31 March 2005

31 March 2005

                          Accident Exchange Group plc

            Agreement with The Cooper Group Ltd ('The Cooper Group')

Accident Exchange Group plc ('Accident Exchange'), the leading prestige vehicle
replacement company, has today signed binding Heads of Agreement with The Cooper
Group for the provision of credit hire and business support services to their
customers across their 8 BMW dealerships in Banstead, Cobham, Croydon, Reading,
Sevenoaks, Thames Ditton, Tunbridge Wells and Wimbledon.

The Cooper Group Ltd is one of the largest BMW retailers in the UK, with eight
prestigious dealerships extending from Reading, across London, and into Kent.
The agreement signed today includes the provision by Accident Exchange of
replacement BMW and Mini vehicles to The Cooper Group's customers, following
road traffic accidents.

The Heads of Agreement will run for a maximum period of three months whilst the
final contract terms and service level agreements are ratified. Accident
Exchange has purchased 42 BMW vehicles today and, on exchange of the final
contract, expects to commit to the purchase of a further 202 vehicles. It is
expected that the final agreement will be signed before expiry of the binding
Heads of Agreement.

Steve Evans, Chief Executive of Accident Exchange said:

'This is an account win with great significance and we are looking forward to
building and developing our relationship with The Cooper Group. The initial
vehicle purchase commitment of 42 vehicles will ensure that we have the capacity
to cope with the increased demand which will be generated from today.

'The Cooper Group is a nationally known supplier of BMW and Mini vehicles with a
tremendously strong geographical footprint and we are extremely pleased to have
won the opportunity to deliver our service offering to a wider customer base.

'Prior to this agreement, our rental fleet stood at 805 vehicles and we are
confident that the agreement helps underpin the current expectations for the
growth in our fleet size through to 2006.'


For more information please contact:

Steve Evans, Chief Executive

Accident Exchange Group plc

Tel:  08700 116719

Martin Andrews, Finance Director

Accident Exchange Group plc

Tel: 08700 053 649

Jonathon Brill/Billy Clegg

Financial Dynamics, Tel: 020 7831 3113

Notes to Editors

About Accident Exchange

Accident Exchange was formed in 2001 to provide ABI (Association of British
Insurers) approved car hire on credit to motorists of prestige cars involved in
non-fault accidents.

Having listed on AIM in April 2004, the Company has grown its car rental fleet
rapidly from 250 to over 800.  The Company reported maiden interim results for
the period ended 31st October 2004. Turnover increased significantly to £7.670
million (2003: £1.136 million, profit before taxation was up to £2.133 million
(2003: £0.303 million, profit before taxation and goodwill amortisation was up
to £2.461 million (2003: £0.303 million), with earnings per share up to 2.3p
(2003: 0.4p). The Company recommended its first interim dividend of 0.5p (2003:

                      This information is provided by RNS
            The company news service from the London Stock Exchange