The alliance will include the integration of the two companies' computer systems, telecommunications systems and customer handling procedures to offer what the companies claim will be a unique service. Future plans include spreading the service throughout Europe, to meet the needs of pan-European fleets.
Under the deal, Toad has bought Autoglass's audio replacement business for £732,282.50 in shares and in return Autoglass has invested £733,750 in Toad shares, worth about 5% of the company, with options to buy a further 10% in future.
Jeff Boekstein, sales and marketing director of Autoglass, said the alliance did not herald a takeover of Toad. 'We have taken a small share of its business. The audio replacement service we were offering was patched around the country, whereas the Toad service is much wider,' he said.
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