Latest deals news for you, as handl acquires share capital of WGTK Ltd. Here’s the word;
Insurance, legal and healthcare services provider handl Group has entered into a legally binding agreement to acquire 100% of the share capital of auto locksmith We’ve Got The Key Limited (WGTK) and aims to double the size of the business in 18 months, after appointing Peter Crellen into the managing director’s role.
Commenting on the deal, Chris Chatterton, chief commercial officer for handl said that, under new management and with significant investment in ‘people plus technology’ (a core handl theme), WGTK is aiming at a 4-5% market share, doubling the number of call outs from 50,000 to 100,000 per year – and expanding its footprint to support motor insurers with key-related claims.
Chris said: “The auto locksmith market is hugely disaggregated, with literally thousands of sole traders, and a few small panels, but we believe WGTK has the potential to become a national brand for resolving auto lockouts in the same way that Home Serve did for home emergency cover.”
WGTK is the only national provider with a large network of its own employed auto locksmiths, supported by a specialist training school.
Chris Chatterton explained that WGTK is already the largest auto locksmith in the UK, providing services to insurers, breakdown and recovery services, as well as the fleet and rental sectors. It also has a competitive retail offer for consumers who lose their car keys and need urgent assistance. In addition to this, the business has many trade customers with large fleets and has plans to build out its share among car dealerships, self-insured fleets and land more insurance contracts.
WGTK is Norwich based and will align with Coplus, handl’s specialist ancillary insurer and claims handling business which is also based in Norwich.
GROWTH OPPORTUNITY
Chris said: “It’s a deal with massive potential, and we’re very excited by this opportunity. Investing in the management team is one of the first things we do when we make an acquisition so we’re delighted to welcome Peter on board.”
Commenting on his new role, Peter Crellen said: “Following the acquisition by handl Group we are in a great position to fulfil our potential. My immediate priorities are to enhance the leadership team by hiring a Head of Sales to increase the number of auto locksmiths we have, and to grow the number of auto locksmiths on our panel.”
“We’re currently hiring. We have lots of new roles, a new management and delivery structure and increasing technical capability, thanks to the input from handl. This gives us the best possible platform to go after big insurance partnerships and other deals, where dealing with lockouts consistently across the country is a headache because there are so many small, localised operators.”
Peter said that demand for auto locksmiths is growing, primarily as a result of new technology and security systems. “These market changes are good for business, because it leads to a higher demand for locksmiths. My main goal is to make We’ve Got The Key the most trusted and first choice auto locksmith in the UK.”
The consideration for the acquisition is undisclosed and the deal is expected to complete later in the Autumn.
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