Nationwide floats to the top

Share dealings were expected to start last week with Nationwide placing 15,765,766 ordinary shares at 111p each on behalf of existing shareholders who will retain 65 per cent of the issued ordinary shares. Nationwide will start with a market capitalisation of approximately £50m. Michael Wilmshurst, Nationwide chief executive, said: “We have worked hard over the last few years to improve the performance of the business and believe we can achieve our goal of becoming the accident repair services supplier of choice to the UK insurance industry. “Admission to Aim represents an important step in the growth of our business and we look forward to the future with confidence.” Flotation on the junior stock market will pave the way for a significant period of expansion for the repair chain. Wilmshurst said the aim was to grow Nationwide both organically and through acquisition and floatation would provide the platform for that growth.