Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is delighted to announce that it has signed a major agreement with UK-based broker MCE Insurance ('MCE') to offer post-accident claims services to all MCE's non-fault insurance customers. This follows motor insurer Sabre Insurance Group plc signing an agreement with MCE which will see it become the exclusive underwriter of MCE's motorcycle policies.
UK-based MCE is independently owned and since its foundation in 1975 has grown to become one of the UK's largest providers of motorcycle insurance. Under the terms of the agreement, Anexo will assume responsibility for dealing with claims from customers of MCE who are victims of non-fault accidents. Replacement motorcycles will be provided through Anexo's credit hire division, DAMS, and customers will be supported in their legal claims against the at-fault insurer by its legal services division, Bond Turner. Where appropriate, claims will include personal injury and damage to possessions and equipment as well as vehicle repair or replacement. Statistics show that motorcyclists are particularly vulnerable to personal injury as a result of non-fault accidents.
Anexo expects the agreement to lead to a significant increase in both the number of vehicles on the road and the number of cases being handled by Bond Turner. The agreement, which is for an initial three-year period, is expected to have a materially positive impact on revenues and to enhance earnings from FY 2022.
Alan Sellers, Executive Chairman of Anexo, said:
"We are delighted to sign this significant agreement with MCE Insurance. We have a long track record of providing replacement vehicles and claims support to the motorcycle community and our motorcycle numbers have been growing, particularly due to the increasing volume of couriers on the road during the COVID pandemic. The agreement provides a substantial source of new business in addition to the introductions we currently receive from our network of over 1100 introducer garages. It represents a major contribution to our growth strategy as we work to expand our business and create value for all our shareholders."
Julian Edwards, Chief Executive Officer of MCE, said:
"Our customer service is our biggest priority at MCE. Partnering with Anexo gives us access to seamless claims management, replacement vehicles and legal services for our customers. This deal means we can focus our efforts on growing the broker business, knowing we have scalable, first class claims handling service from a group of leading companies."
The Group is pleased to announce, with immediate effect, the appointment of Brian Corrway, to the Board as a Non-Executive Director.
Mr Corrway, a Chartered Certified Accountant, was nominated by DBAY Advisors Limited ('DBAY') and is being appointed under the terms of the shareholder agreement originally announced on 12 November 2020 which gives DBAY the right to appoint up to three Non-Executive Directors to the Board.
Mr Corrway does not hold a position of employment, or shareholding, in DBAY.
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Full Name: Brian Corrway
Current directorships / partnerships
Financial Control Solutions Limited
Directorships / partnerships within the last five years
ESLL Group Limited
AHL Anglia Limited
AIL Anglia Limited
Bluewhitestar Developments Limited
Eddie Stobart Distribution Limited
Eddie Stobart Group Limited
Eddie Stobart Logistics Limited
IForce Auctions Limited
IForce Trading Limited
Stobart Truckstops Limited
The Logistic People Limited
The Logistics People Limited
Puro Ventures Limited
The Pallet Network Limited
Acumen Distribution Services Holdings Limited
Greenwhitestar Acquisitions Limited
Eddie Stobart Limited
IForce Group Limited
The Pallet Network Group Limited
Logistics Security Limited
Brian Corrway does not hold any Ordinary Shares in the Company.
There is no further information to be disclosed in relation to Mr Corrway's appointment pursuant to AIM Rule 17, paragraph (g) of Schedule Two of the AIM Rules for Companies.
For further enquiries:
Anexo Group plc
+44 (0) 151 227 3008
Alan Sellers, Executive Chairman
Mark Bringloe, Chief Financial Officer
Nick Dashwood Brown, Head of Investor Relations
Arden Partners plc
(Nominated Adviser and Broker)
John Llewellyn-Lloyd / Louisa Waddell (Corporate)
Tim Dainton (Equity Sales)
+44 (0) 20 7614 5900
Ed Walsh/Dominic Morley
+44 (0) 20 7886 2500
Notes to Editors:
Anexo is a specialist integrated credit hire and legal services provider. The Group has created a unique business model by combining a direct capture Credit Hire business with a wholly owned Legal Services firm. The integrated business targets the impecunious not at fault motorist, referring to those who do not have the financial means or access to a replacement vehicle.
Through its dedicated Credit Hire sales team and network of over 1,100 active introducers around the UK, Anexo provides customers with an end-to-end service including the provision of Credit Hire vehicles, assistance with repair and recovery, and claims management services. The Group's Legal Services division, Bond Turner, provides the legal support to maximise the recovery of costs through settlement or court action as well as the processing of any associated personal injury claim.
The Group was admitted to trading on AIM in June 2018 with the ticker ANX.
For additional information please visit: www.anexo-group.com. To subscribe to our investor alert service and receive all press releases, financial results and other key shareholder messages as soon as they become available, please visit: https://www.anexo-group.com/content/investors/alert.asp.