Acquisition of ChargedEV

RNS Number : 9871E

Redde Northgate PLC

13 July 2021

 

13 July 2021

REDDE NORTHGATE PLC

("Redde Northgate" or the "Group" or the "Company")

Acquisition of Charged Electric Vehicles Limited

Expertise supports Group's EV transition and ESG objectives

Redde Northgate plc (LSE:REDD), the leading integrated mobility solutions platform providing services across the vehicle lifecycle, is pleased to announce that on 9 July 2021 the Group completed the acquisition of Charged Electric Vehicles Limited ('ChargedEV'), a specialist in the supply and installation of Electric Vehicle (EV) charging equipment across the UK. 

This strategically significant acquisition provides the Group with a platform to expand its offerings in this important and growing area as both its own EV fleet and its customers' EV fleets evolve. It will also support the Group in its environmental goals and be integral to its overall programme around EV transition and reducing carbon emissions.

ChargedEV operates nationally, taking orders from customers for an EV charging point and then delivering the installation via one of its own trained electrical installers or via a network of approved third party installers . With a team today of around 20 EV experts, it is expected to expand over time as the EV transition gathers pace. Customers come to ChargedEV either direct via its website or via third party partners who see the benefit from working with a leading installer with excellent service and expertise. 

The addition of ChargedEV to the Group complements the work already undertaken to position Redde Northgate to support our customers' transition from internal combustion engines (ICE) to EVs.  With the acquisition, the Group now has an experienced team that can offer a turnkey solution on EVs and EV charging. This development, and the growing EV composition in the fleet, is part of a wider strategic aim to ensure that Redde Northgate is at the forefront of this transition which will grow over time. More widely, the Group now has over 300 fully trained technicians across the Group who are certified to work on EVs, with the majority of the wider team also trained on EV awareness and plans to enhance the Group's workshop and bodyshop capacity in this area over time.

Commenting on the acquisition, Martin Ward, CEO Redde Northgate, said:

"As leaders and businesses across the globe seek to tackle the world's growing environmental challenges, we too are working hard to position the Group to provide responsible and sustainable solutions for our customers and stakeholders. We are delighted to have completed the acquisition of ChargedEV, which in line with this strategic objective, places us at the forefront of the transition to EV in our markets as both our own and our customers' fleets evolve. I'd like to welcome the ChargedEV team to Redde Northgate and look forward to developing this important area of the business."

Further information on ChargedEV can be found at www.chargedev.co.uk

-Ends -

For further information contact:

Buchanan 

David Rydell/Jamie Hooper/Tilly Abraham  [phone]

Notes to Editors:

Redde Northgate is the leading integrated mobility solutions platform providing services across the vehicle lifecycle. The Company offers integrated mobility solutions to businesses, fleet operators, insurers, OEMs and other customers across six key areas: vehicle rental, vehicle disposal, vehicle ancillary services, repairs, accident management and vehicle data.

The Company's core purpose is to keep its customers mobile, whether through meeting their regular mobility needs or by servicing and supporting them when unforeseen events occur. With its considerable scale and reach, Redde Northgate's mission is to offer a market-leading customer proposition and drive enhanced returns for shareholders by creating value through sustainable compounding growth.  The Group aims to achieve this through the delivery of its strategic framework of Focus, Drive and Broaden.

Redde Northgate services its customers through a network and diversified fleet of over 110,000 owned and leased vehicles, supporting over 500,000 managed vehicles, with more than 170 workshop, body shop and rental locations across the UK, Ireland and Spain and a specialist team of over 6,000 automotive services professionals.

For further information please visit the Company's website: www.reddenorthgate.com

 

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