The deal, which was partly funded by LloydsTSB, consolidates ChipsAway's position as the largest franchise organisation of its type in the world and safeguards future supply of the company's unique paint repair formulations.

Commenting on the acquisition, Chairman of ChipsAway International, Roger Wild said, "This is a massive step forward for ChipsAway International and is the result of many years of hard work. The ChipsAway brand is already well known across Europe and the ownership of the mark will provides us with full opportunity to develop promising commercial prospects, currently under consideration in different parts of the world.

"Furthermore, this enables us to make use of new and emerging technologies, on an unrestricted basis, to ensure that ChipsAway International remains at the forefront of the cosmetic automotive paint repair industry."

Speaking on behalf of LloydsTSB, Darren Baker, Commercial Relationship Director, added, "Lloyds has long recognised ChipsAway International as an innovative and professional organisation with a strong base for expansion. Over the last few years we have been working in close co-operation with ChipsAway to secure optimal financial options for new and prospective franchisees and have the highest regard for the management team. Now we are delighted to have supported this milestone deal and look forward to a long term partnership with the ChipsAway Group as it continues to pursue development plans worldwide."

Roger Wild confirmed that changes will include moving the manufacture of the patented ChipsAway product range into the UK, shortening supply lead times for franchisees and delivering important flexibility to the company in the light of recent legislative changes within the EU.

He concluded, "We are proud that one of the best known names in franchising is now UK owned, and we relish our new challenge to realise ambitious plans for expansion worldwide, particularly with regard to developing our brand within the BRIC companies."

The unique ChipsAway SMART (Small and Medium Area Repair Technology) repair system, enables automotive paintwork to be repaired by a trained technician to factory finish standard, in a fraction of the time taken by a traditional body shop, and at a highly competitive price. With 33 million cars on the road in the UK and around 15 million repair opportunities a year, clearly ChipsAway has hardly 'scratched the surface' of this vast marketplace.

ChipsAway International remains the dominant brand in the lucrative SMART repairs sector, with over 500 franchisees in successful operation across Europe, and eleven master franchises worldwide.

Further details: Megan Dunmore, MDPR. Tel: 01283 840176

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