Anexo Group has established itself as a provider of an end-to-end litigated claims service to predominantly impecunious non-fault motorists. It provides replacement vehicles – either from its own fleet or leased - and associated legal services. It has a highly experienced management team with experience in both credit hire and legal services. Thorough vetting of potential claims backs a high pre-court settlement rate. Its legal services business, Bond Turner, conducts the processing of the claim against at-fault motorists and their insurers and secures settlement. Currently targeting more measured growth in credit hire while recruiting more high-quality litigators, Anexo is increasing its capacity to settle cases and improve cash generation. By executing on its growth strategy and managing that balance between new business generation and cash collection from existing cases, we expect Anexo to produce strong earnings growth and cash generation.
EDGE is the Group’s specialist credit hire and initial claims management business which operates through two divisions offering a complete solution for non-fault motorists: DAMS – which provides cars and light commercial vehicles - and McAMS – which provides motorcycles.
Bond Turner is the Group’s legal practice which acts on all claims generated by EDGE. It seeks to recover hire charges and repair costs from at-fault insurers which can include damages for personal injury.
Anexo wins customers through referral by a network of 1,150 local body shops and repairers. Its customers are typically impecunious and tend not have options to access a replacement vehicle which allows the Group to charge credit hire rather than spot hire rates, recovering these charges from the at-fault insurer at no upfront cost to the customer.
With no fees paid on cases which include personal injury claims, the referring businesses benefit from the retention of the customer for any repair work and recovery fees for work approved by an independent engineer. Anexo may also pay a flat marketing retainer in return for the Group’s advertising at the referrer’s premises.
There is plenty of scope for Anexo to grow in the UK with the number and success of its fee earners in collecting cash driving future opportunities for the Group. As it does that, we believe that its increased scale will make it more difficult for both new entrants and existing competitors to compete.