SYNETIQ joins ELITE

  

14th August 2019

SYNETIQ joins London Stock Exchange Group’s ELITE

  • ELITE is LSEG’s international business support and capital raising ecosystem for ambitious and high growth companies
  • Over 150 UK companies make up the 1000 strong international ELITE community of companies, in addition to advisers and investors
  • SYNETIQ is the largest UK owned salvage and vehicle recycling company creating solutions for some of the countries’ leading Insurers, company fleets and police forces. 

SYNETIQ Ltd today joins London Stock Exchange Group’s international business support and capital raising ecosystem, ELITE.

Tom Rumboll, Executive Chairman of SYNETIQ:

“We have a vision to create a vehicle recycling industry that we can all be proud of. We feel excited and privileged to be working with Elite to work towards the next phase in our business growth.”

Umerah Akram, Head of ELITE UK, London Stock Exchange:

“I’m excited to present the latest UK company to join ELITE, a clear demonstration of the country’s ability to grow great businesses. These companies drive innovation, employment, and create opportunities for us all.

“ELITE is committed to giving the British business stars of the future the very best chance to succeed, providing them with access to appropriate expertise and capital. It is a unique, strong community of the best and most dynamic entrepreneurs, advisers, investors and business school academics from the UK, Europe and around the world.”  

NOTES TO EDITOR

About ELITE

ELITE is a full-service programme designed to help ambitious companies prepare and structure for the next stage of growth through the access to long term financing opportunities. It is a unique offering for scale-ups across Europe and beyond, providing a comprehensive training programme and extensive access to the business and financial community.  The ELITE Funding platform, launched in 2017, will also help streamline the capital raising process for ELITE companies.

For further information ELITE, the companies and the full list of partners, please go to: www.elite-network.com       

About SYNETIQ      

SYNETIQ Ltd was created and launched on the 1st March 2019.

As the largest UK owned salvage and vehicle recycling company SYNETIQ create intelligent solutions for some of the countries’ leading Insurers, company fleets and police forces.  SYNETIQ are trusted to process vehicles through auctions, green parts sales, and recycling processes.

The company was formed following the successful merger of Car Transplants, Motorhog, FAB Recycling and DH Systems. Headquartered in Doncaster SYNETIQ now has 507 employees spread across sites nationwide.

SYNETIQ now has 5 AQPs

  

When the new ABI salvage code of practice was introduced it was decided that any person wanting to apply the correct category to a salvage vehicle would have to become an appropriately qualified person (AQP).

SYNETIQ have invested in the future and their people by putting 5 of the team through the Institute of Automotive Engineer Assessors exam for categorising salvage.

Richard Martin, Simon Schofield, Steve Dodson, Colin Casselden and Willem Davies completed the training and examination at the SYNETIQ training facilities in Winsford – All 5 participants passed the exam and are now all AQPs.

Pictured here are Colin, Simon and Willem.

Meet the Chairman

  

Meet the Executive Chairman

Tom Rumboll joined the SYNETIQ team as the Executive Chairman back in April having played a pivotal role in helping the recent merger go through.

The big question in the industry is with so many years of shared experience between John Schofield, Richard Martin, and the team, why bring in an outsider and what will he bring to the newly formed company?

Richard originally sought Tom’s help to be an independent guide through the merger process. Tom had worked with Motorhog before in his previous life at Lloyds and had supported Motorhog with several acquisitions, so he was already a trusted adviser.

The Executive Chairman role was created to formalise and drive through major changes post-merger. An outsider made sense to fill the post so that there could be a level of independence from the 4 legacy businesses and to bring a different perspective, set of skills and experience. Some of Tom’s key skills lie in business planning, measurement and reflection, bringing “corporate” structure to already very successful businesses.

Tom’s vision for the company is making SYNETIQ a multi-award winning, international, market leading business. He wants to grow the number of trusted partners SYNETIQ have in the industry.

Tom sees three distinct phases post-merger: integrate, grow and optimise. He is focused on the medium term of 2022 and is working with the business on a mixture of strategic and tactical areas to drive growth.

We all know that the SYNETIQ legacy businesses were well governed, commercially astute, fair, and trusted by their partners. Now with their combined resources they are the largest UK owned salvage and vehicle recycling company with their year 1 turnover expected to be £120 million. They create intelligent solutions for some of the countries’ leading Insurers, company fleets and police forces and are trusted to process vehicles through auctions, green parts sales and

recycling processes. They now have 16 sites nationwide, 507 employees and the capacity to process up to 150k vehicles per year.

SYNETIQ see themselves as thought leaders working closely with their partners to create bespoke solutions and driving innovation. An example of this is being the first in the industry to stop taking cash payments.

They are working closely with the colleagues in their business to make sure SYNETIQ is a great place to work, develop, learn and fulfil their potential. They are also focusing on how they can make a positive contribution in the communities they work in.

Tom is already adding extra rigour and routine to the well managed businesses, making sure that the existing talent in the new organisation are focused on sharing best practice. He is working with the teams to bring clarity, structure and governance.  His career history in large PLCs and regulated industries means he can bring professional structure that helps rather than hinders. Examples include the introduction of long term strategies, CRM systems, HR, and change management.

Tom is helping the Executive and Operations boards of SYNETIQ look to the future with a focus on acquisitions and foreign markets as just some of their options for growth.

We asked Tom what made him hang up his consulting hat and join the business on a permanent basis. He told us that it was important for him to be part of something bigger and that all the best business models put in as well as take out. He feels that SYNETIQ is a great example of the circular economy in action benefiting people, planet and profit. He feels it’s rare to find such a great career opportunity coupled with the chance to contribute to reducing the impact on the environment especially through the green parts and recycling business arms. He also feels that SYNETIQ are in the fortunate position to save customers and clients money.

Tom has ceased his successful company TR Advisory so that he could commit 100% of his time to SYNETIQ and its very exciting future. He told us he was already so involved and invested into the company and that this is the only role he would have stepped away from his own company for. “To be involved in a company that is always at the forefront of innovation is a real privilege.”

Tom joined Lloyds as a graduate trainee in 1999, and most of his career has been spent in Corporate Banking, supporting business who were growing, investing and making acquisitions. Why did he decide to take the original step away from the banking world? “I always knew I wanted to support self-employed individuals and entrepreneurs. I knew I wanted to work as an adviser, and a supporter, and a champion of business. It was the small business adviser role that drew me into banking initially, from which I then progressed into working with larger Corporate businesses in the same way.  

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We asked Tom what he was most excited about for the future. He told us he is most looking forward to seeing the people come together, develop and thrive as one SYNETIQ team. He said “it’s a real privilege to take the ideas and principles of the new company forward”

So, now we understand the role of the SYNETIQ Executive Chairman and what drives him. We look forward to seeing what Tom and SYNETIQ do next.

Car breakers – do you have a permit?

  

If not the Environment Agency has new powers to shut you down #wastecrime. Why risk it? The Environment Agency can advise on the type of permit you may need:

Merger Completion

  

£100M 4-way merger completes to create SYNETIQ

Motorhog, Car Transplants, DH Systems and FAB Recycling have completed their ground-breaking merger on 28th February 2019 to create SYNETIQ, the UK’s largest motor dismantler in a deal valued at over £100 million.

The merger deal is the result of 12 months of positive dialogue between the merger parties who have all experienced strong trading performance in the period to completion.  The new SYNETIQ business is market-leading, with significant capacity, scale, infrastructure, compliance and a uniquely integrated IT service. SYNETIQ has ambitious plans for further growth.

The SYNETIQ business will employ over 450 people and anticipated year 1 turnover will be c£120M.

Tom Rumboll at TR Advisory provided advisory services to shareholders and transaction project management alongside KPMG who provided corporate finance (Christian Mayo, Stewart Cape, Ed Crocker and Amrit Bhogal), legal (Nick Roome, Edward Bartlett and Rachel Reeves) and tax advice (Mike Linter, Nathan Potton, and Nilesh Patel) to SYNETIQ on the transaction.  Dow Schofield Watts (Rob McCarthy) provided Financial Due Diligence.

Christian Mayo, who led the deal team for KPMG, said: “UK salvage is highly fragmented and this merger creates a business of significant scale and national reach to challenge the largest players in the industry. Critically, the combined business now has considerable firepower to drive investment throughout the organisation, leveraging some really exciting technology and R&D capabilities, to push forward its growth strategy.”

Tom Rumboll at TR Advisory said: “It has been a real pleasure to help deliver this unique transaction that has met all shareholders aspirations. The creation of SYNETIQ has showcased a different approach to capturing and building value, and having worked with the shareholders closely for the last 12 months I have been struck by their commitment, trust, pragmatism and conviction throughout.“

On behalf of all shareholders Synetiq Group Managing Director Richard Martin said: “The 1st March marks an exciting new chapter for all of us. In combining our individual businesses to create SYNETIQ, we have a business with a fantastic range of complementary skills, experience and capability, with significant physical and technological resources. SYNETIQ is in a strong position to provide the best possible service to our clients, customers and the industry.”

Press Contact: Tom Rumboll, TR Advisory

Tom.Rumboll@TRAdvisory.co.uk


PRESS RELEASE – 15th Feb

  

Doncaster – General Release on 15th February 2019

SYNETIQ Launches on March 1st – Delivering higher standards

SYNETIQ is the new name for the merger of the well-established and highly regarded industry leaders, Motorhog, Car Transplants, FAB Recycling and DH Systems.

No Cash for salvage – providing complete transparency

We are happy to announce that from March 1st when SYNETIQ starts trading we will NOT be accepting cash payments for vehicle salvage. In consultation with insurance companies and spearheaded by West Midlands Police, we have taken the voluntary step to rule out cash transactions and provide complete transparency and traceability.

West Midlands Police Chief Superintendent Chris Todd welcomed SYNETIQ’s decision and urged other salvage auction houses to follow suit. ‘SYNETIQ are setting a great example: they are listening to police concerns over the rise in stolen cars and are taking steps to make it more difficult for crime gangs to exploit the salvage vehicle industry.’

Allianz’s Chief Claims Officer, Graham Gibson said ‘We fully support SYNETIQ’s decision to decline cash payments for vehicle salvage. As one of the largest commercial and fleet vehicle insurers in the UK we agree that the responsible management of salvage is important and doing all that we can to support this important area and helping to make Britain’s roads safer is top of our agenda.’

Richard Martin – Group MD of SYNETIQ said ‘I am delighted that SYNETIQ is leading the industry with regard to compliance and transparency. We have worked closely with our clients and the authorities and will continue to drive up standards and trust, in both our business and the industry.’

GDPR – Protecting personal data, whatever form it is held in.

Modern vehicles increasingly hold more and more data about their owner and drivers. This can range from sat-navs to integration with mobile phones or black box systems for insurance tracking.

We have deployed GDPR compliant processes across our business to ensure that personal data is guarded at every step. All personal data is removed from vehicles and systems before they are disposed of to ensure that data isn’t inadvertently ‘sold on’ with the vehicle or any components.

Our IT systems are all hosted within the UK so when we work with insurance companies to process a claim personal data never leaves our shores.

Our new fleet is ready to roll

Work is well underway preparing our vehicle fleet to proudly promote our new brand. Watch out for them on the road.

ENDS

NOTE TO EDITORS

Motorhog, Car Transplants, FAB Recycling and DH Systems have merged to create SYNETIQ. Each of the four businesses share the same values and commitment to clients, compliant processes, reputation, peo­ple and the environment. This, alongside the new businesses’ combined capability, scale and experience, makes SYNETIQ the platform for their ambitious drive to do even more for clients and the industry.

With a market-leading proposition combining unrivalled scale, capacity, know how, great people and technology SYNETIQ is set to become the ‘go-to’ choice for an industry that values safety, compliance, efficiency and strong partnerships. We have ambitious plans for growth, built upon trusted partnerships and integrity.

The SYNETIQ name is new but the people behind SYNETIQ are well-known and highly regarded industry figures, who between them have over 250 years of industry experience.

Press Contact: Tom Rumboll, TR Advisory

Tom.Rumboll@TRAdvisory.co.uk

Download Press Release 15 Feb 2019

PRESS RELEASE

  

UK’S LARGEST VEHICLE DISMANTLERS MERGE TO CREATE MARKET-LEADER

Further to the announcement of merger discussions in May 2018 between the most progressive and successful salvage and dismantling companies in the UK, Motorhog, Car Transplants, FAB Recycling and DH Systems can today confirm a “game changing” merger is set to for the 1st March 2019 to create SYNETIQ, a market-leading service provider in the salvage, dismantling, green parts and support service arenas.

The newly-created SYNETIQ business combines over 150 years’ experience in this sector, bringing the very best of the Motorhog, Car Transplants, FAB Recycling and DH Systems businesses into a single, unified organisation under the SYNETIQ brand.

The new SYNETIQ company has significant scale and capacity, operating 16 fully licensed and accredited sites across the UK, with a fleet of over 100 collection and delivery vehicles and having processed c100,000 vehicles in the last 12 months. SYNETIQ has over 50,000 registered auction customers and sells in excess of 35,000 vehicles and 250,000 parts per year. SYNETIQ employs over 400 people and anticipates a first year turnover in excess of £120m.

SYNETIQ and their clients will benefit from the significant investments each individual business has made over recent years in infrastructure, capacity, people and process – investment which has seen the Motorhog and Car Transplants businesses between them achieve ISO 9001, 14001 and 27001 in 2018. Additionally, by incorporating systems integration expert DH Systems, SYNETIQ can offer fully IT-integrated solutions to their clients, to create a bespoke solution.

Whilst the SYNETIQ name is new, the Board and wider team at SYNETIQ are well-known and respected industry figures who share the same principles, values and ambition. The focus on clients, customers, innovation, compliance and positive environmental impact will remain unchanged but be delivered even more effectively and efficiently as part of the combined SYNETIQ company.

SYNETIQ has ambitious plans for growth, underpinned by their uniquely integrated model, and is well-placed to deliver a best in class service to an industry where compliance, reputation, the environment and safety is of paramount importance.

Richard Martin – SYNETIQ Managing Director said

“We are thrilled that SYNETIQ has been created to take the great work we did at Motorhog to another level. By combining the best of all our businesses we can offer a fantastic solution to our clients and customers, and in doing so, help do our bit for the environment.”

John Schofield – Founder and Managing Director of Car Transplants and Director of SYNETIQ said

“This is a proud moment for me and the team at Car Transplants. We have built our reputation on compliance and excellent client service and to be able to take this forward as part of SYNETIQ means we can do even more”.

Dave Harcourt – Founder and Managing Director of DH Systems and Director of SYNETIQ said

“DH Systems was set up to provide IT services to the insurance, salvage and dismantling industry, so to become part of SYNETIQ and bring this knowledge and expertise to our clients as part of an integrated solution is really exciting”.

Jason Cross – Managing Director of FAB Recycling said

“Having been part of the Motorhog Group since 2017 I have seen just how much investment and development has been made in the operation. The new SYNETIQ business has huge capacity and significant inventory to deploy and with the expected growth in Green Parts, makes us the natural choice for the industry.”

ENDS

NOTE TO EDITORS

Motorhog, Car Transplants, FAB Recycling and DH Systems have merged to create SYNETIQ. Each of the four businesses share the same values and commitment to clients, compliant processes, reputation, people and the environment. This, alongside the new businesses’ combined capability, scale and experience, makes SYNETIQ the platform for their ambitious drive to do even more for clients and the industry.

Press Contact: Tom Rumboll, TR Advisory

Tom.Rumboll@TRAdvisory.co.uk

Download SYNETIQ Press Release PDF