Vehicle hire firm Redde Northgate is proposing to change its name, four years after a merger that created the company.
The Darlington firm has called a general meeting to approve a proposal to change its company name to Zigup plc, saying that the new brand reflects a new strategy and a recent management re-organisation. The company is not planning to change its operational brands, however, saying they are “well recognised” and have “have meaningful market profiles in their specialist areas.”
The company has been formed by a number of mergers over its history, most recently the 2020 deal which saw Darlington’s Northgate come together with support services group Redde, which was then based in Bath. That deal has seen it achieve efficiency services and contract wins, the company said, as well as a number of acquisitions that have grown the group. A bid to take over the car and bike repair chain Halfords last year failed, however.
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Proposing the new identity, the comipany said: “Our new brand and company name, Zigup are allied to a refreshed strategic framework under the new pillars of Enable, Deliver and Grow, and a recent 海角视频&I-focused management reorganisation, as we embrace the changing environment in which we and our customers operate.
“Together these reflect the strength and breadth of our current proposition as an enlarged group of businesses, our continued focus on growth, and commitment to being a leading provider of responsible and integrated mobility solutions and automotive services. There will be no change to our well-recognised operational brands, which have meaningful market profiles in their specialist areas.
“The board believes that a more modern brand and name reflecting these changes will also help shift the narrative with all our stakeholders towards the strategic direction of travel we set out. This is aligned to our updated purpose, ‘to keep customers moving, smarter’.”
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A company general meeting will take place on May 15 to consider the name change. If approved, it would come into affect on May 20.
The group, which has a fleet of 130,000 vehicles, put out half-year results last December in which revenues increased 30.9% to £911.3m, though it saw a fall in pre-tax profits. The increase in revenue came after strong growth in claims and services revenue.