Pictured above: Carl Brandrick of Nice 1 with Elinor
Mathieson of PKF
A Midland company is set to expand following a successful
fund-raising exercise.
Nice 1 Limited, of Wolverhampton, is looking to further develop
its niche Theft Protect product after a significant sum was raised
with the help of PKF Accountants & business advisers to take
the business forward.
Theft Protect provides a like for like replacement vehicle in
the event of a vehicle being stolen or written off.
Carl Brandrick, founder and owner of Nice 1, said: "Demand for
the product has exceeded our expectations and reflects the concerns
of the UK motorist about the lack of facilities for victims of
vehicle theft.
"Replacement vehicle services are now almost standard in the
event of an accident where the other party is at fault. But where a
vehicle is stolen it can take the insurance company weeks to pay
out while waiting to see if it can be found. That can leave the
individual concerned without any means of getting to work, having
to pay out for a hire car or use public transport.
"Theft Protect fills that gap."
Malcolm Cook, head of PKF Corporate Finance in the West
Midlands, who oversaw the financing deal with colleague Elinor
Mathieson, said: "This finance deal has been achieved despite the
very difficult recessionary background and we are very pleased to
have played a part in pulling it off.
"It just shows that even in troubled times money is there to
back ideas that are clever, innovative and with a clear business
direction. Theft Protect is a niche operation which I am sure has a
big future."
Theft Protect is an insurance policy covering both private and
commercial vehicles, private hire vehicles and motorcycles. It is
underwritten by DAS Legal Insurance Cover.
Directors of HSBC Insurance Brokers spotted the potential for
Theft Protect, and working with the team at Nice 1, launched an
HSBC branded version for its 2,500-strong UK broker network.
In the vast majority of cases, no courtesy car will be provided
while a stolen vehicle remains unrecovered - typically 10-14 days -
or if it is written off. Theft Protect covers both
eventualities.
It is provided through a network of Financial Services Agency
regulated agents including motor dealers, insurance brokers and
finance companies.
Mr Brandrick added: "With the dramatic plunge in car and
commercial vehicle sales, it is not surprising that dealer
principals, finance companies and manufacturers are looking for
ways to add value and increase margins.
"For manufacturers and Motor Dealers marque retention is
critical, Theft Protect removes the need to go out and buy an
immediate replacement vehicle, possibly from a competitor."
Only a small percentage of insurance companies currently offer
similar protection, leaving the vast majority of the UK's 30
million motorists exposed should their vehicle be stolen.
Insurance and motor trade organisations, both locally and
nationally are now actively promoting Theft Protect at point of
sale to their customers.