AA wins multi-million-pound contract to service VW cars December 18, 2018 The AA today secured a two-year extension to its contract with Volkswagen in a deal worth tens of millions of pounds. The breakdown cover provider will continue to cover all new vehicles in the Volkswagen group, which includes Audi, Seat and Skoda, the company said today. The two companies have worked together since 2014, and [...]
Royal Mail, Kier Group and Thomas Cook set to lose out in tomorrow’s FTSE reshuffle, as insurer Hiscox looks set to join the big league December 4, 2018 Royal Mail will need a miracle to avoid relegation from the FTSE 100 Index tomorrow, as insurer Hiscox looks ready to step into its place as a blue chip firm. The winners and losers of the last FTSE reshuffle of the year are to be announced tomorrow afternoon, with Thomas Cook, Kier Group and the [...]
AA profits fall into a pothole as roadside repair firm blames Beast from the East September 26, 2018 Bad weather sent AA profits crashing in the first half of 2018, the roadside recovery firm said today, sending its share price down over four per cent. The figures Pre-tax profits fell 64 per cent year on year to £28m, with revenue growing just two per cent to £480m, fuelled by the AA’s roadside [...]
Cenkos: A British banking model makes a comeback March 26, 2015 A boardroom chat between an Oxbridge-educated dealermaker who grew up on a Liverpool council estate and the former head of a scrap metal firm from Scotland is a scene only imagineable in a City of London boardroom. But the meeting between Avril Palmer-Baunack, former head of Universal Salvage, and Jim Durkin, chief executive of Cenkos [...]
The AA to raise £935m for debt repayment plan March 25, 2015 The AA announced plans to raise £935m yesterday in a bid to pay off debts and reduce interest payments at the motoring organisation. The 110-year-old company plans to raise £200m in equity through a placing and a further £735m in a bond issue. The restructuring will involve the refinancing of £655m class B notes and [...]
AA plans to raise £200m through share placing March 24, 2015 Roadside recovery business the AA is preparing to raise £200m through a share placing, as part of a refinancing plan aimed at reducing its debt of £2.7bn. The company will also refinance £735m of its senior debt facilities, in plans that could be announced today. Investors who have been approached about the placing are thought [...]
AA looks to cull 300 jobs as post float cost-cutting drive begins February 10, 2015 ROADSIDE recovery service AA is planning to cut 300 jobs as part of a wide-ranging review into costs, it is understood. The cuts, which will all be back-office, will come as part of a review into its costs, launched following its float last year. It is understood they will take place as the company “significantly” [...]
AA to cut 300 jobs February 10, 2015 Roadside recovery service AA is planning to cut 300 jobs as part of a wide-ranging review into costs, it is understood. The cuts, which will all be back-office, will come as part of a review into its costs, launched following its IPO last year. It is understood they will take place as the company "significantly" [...]
Nick Hewitt: AA executive at heart of firm’s purchase and float on sick leave January 26, 2015 AA executive director Nick Hewitt is taking a leave of absence from the company due to ill health, the roadside assistance firm announced yesterday. A statement from chairman Bob Mackenzie said Hewitt will be obtaining essential medical treatment until further notice, but is expected to be absent for at least three months. “We wish Nick [...]
AA on track despite a fall in members December 16, 2014 Car repair business the AA has reported revenue of £245m for its subsidiary AA Intermediate Co in the three months to 31 October, narrowly up from £244m in the same period of last year. The business also posted profit before tax of £35.4m, compared with £24.7m in the third quarter of 2013. For the year [...]