AA puts former deal king Martin Clarke in the finance hot seat November 13, 2014 Roadside recovery giant AA yesterday appointed an ex-senior private equity dealmaker to take the reins as chief financial officer of the 110-year-old business. Martin Clarke, a former executive at private equity firm Permira, will replace Andy Boland, who stepped down earlier this year as the finance chief of the firm. Clarke was part [...]
AA shares motor ahead despite dent in profits September 23, 2014 MOTORING group AA yesterday revealed a large dent in its profits from finance costs related to its stock market listing in June. While revenue rose in the half year to the end of July, profits before tax fell to £10.2m, well down from the £121.2m a year earlier. The company said exceptional costs were £39.4m, [...]
AA executive chairman Bob Mackenzie: From fly rods to flywheels September 23, 2014 When father-of-five Bob Mackenzie isn’t using his spare time to watch his children’s various sporting fixtures, he likes to relax with a fly-fishing rod. “We had a quiet period in August last year when we were looking at buying the business so I spent a month fishing,” he says. “I fish on the River Test [...]
AA share price rises as financing costs put the brakes on profit September 23, 2014 AA reported its first set of half-yearly results since its initial public offering (IPO) in June, and although profits fell, investors were clearly encouraged by its performance, pushing shares up just over one per cent in early trading. The company said revenues rose 1.6 per cent to £491.7m in the six months to the end [...]
AA is driving forward with a new leader Bob Mackenzie August 28, 2014 Motor icon AA yesterday crowned the mastermind behind its £1.4bn market debut as leader of the group after its current boss quit after just eight months. Bob Mackenzie, who used to run Britain’s car park operator NCP, has emerged as the most powerful figure at the 110-year old institution after incumbent boss Chris Jansen’s departure. [...]
AA boss Chris Jansen resigns along with finance chief Andy Boland August 28, 2014 AA’s chief executive Chris Jansen has resigned from the roadside recovery firm with immediate effect just months after it was taken public. The company’s chief financial officer Andy Boland will also be leaving, though no details of the timing of his departure were given. Executive chairman Bob Mackenzie will now lead the company. Jansen said [...]
AA share price falls on first day trading June 23, 2014 The roadside recovery service AA has seen its share price slide 2.4 per cent on its first day trading as a publicly listed company. The initial public offering (IPO) consisted of 554m shares being priced at 250p each. £185m of the proceeds will be used to cut down the company's leverage. The IPO was announced [...]
AA confirms plans to float at £1.4bn valuation June 6, 2014 Britain's largest car insurer and roadside recovery firm, the AA, has confirmed its intention to list on the London Stock Exchange in the second half of June. The company's current private equity owners want to sell off the stock to a buy-in team, backed by institutional investors, who will then take it public. They'll be [...]
AA speeds up plans for a £4bn London float despite Saga flop June 5, 2014 BRITAIN’S biggest car insurer and roadside recovery firm, the AA, is reportedly set to push on with plans for float that will value the company at around £4bn. The listing will be part of a process known as an accelerated initial public offering by parent company Acromas, which could be announced today according to Sky [...]