'No win, no fee' National Accident Helpline back on the market for £60m

Click to follow
The Independent Online

National Accident Helpline, the "no win, no fee" legal firm, is back on the market for £60m, four months after its owner LDC canned the auction.

PricewaterhouseCoopers (PwC), hired by LDC last summer, is reviewing bids, entered earlier this month. PwC decided to not ask for bids in September, as scheduled, fearing banks would be unwilling to back potential buyers in the credit crunch, thus dampening the price.

It is understood that LDC is now looking for around £60m. PwC has arranged what is known as a "staple package" – a loan provided by a bank to the successful bidder. The staple is believed to be worth about £45m, leaving the bidder to pay around £15m.

Royal Bank of Scotland is thought to be providing the staple.

LDC bought the helpline in 2006, 13 years after it was founded. In July, National Accident Helpline had its most successful month on record.

Comments