Re Joint Venture
07 Marzo 2003 - 8:49AM
UK Regulatory
RNS Number:4618I
Bright Futures Group PLC
07 March 2003
Bright Futures Group plc establishes Joint Venture which
wins Motability contract
Further to the announcement of 24 January 2003, Bright Futures Group plc
("Bright Futures") today announces that it has entered into a joint venture
agreement with The Enabling Partnership (a UK registered charity) to establish
route2mobility (the "Joint Venture").
route2mobility has won a six-year contract to run the Motability Wheelchair and
Scooter Scheme (the "Scheme"), replacing Motability Finance Limited. In 2002,
the Scheme entered into approximately #6 million of hire purchase agreements
with customers.
The Scheme enables route2mobility to provide financial services to disabled
people, allowing them to purchase mobility scooters and wheelchairs. The Scheme
enables the person's disability benefit to be passed directly from the
government via Motability to route2mobility. This lowers the cost of the
customer's credit terms. To facilitate this, route2mobility has obtained a
credit committee approved offer of a #6 million facility with Barclays Bank plc.
This will be used to fund agreements entered into and is secured against the
customer contracts.
Stephen Harpin, Chief Executive of Bright Futures, said, "This contract is a
major step towards our vision of providing commercially attractive products and
services that enable disabled people. Our objective is to now work with our
Joint Venture partners to grow the Scheme and provide greater access to low cost
finance."
route2mobility has appointed Jamie Borwick as Chairman. Jamie Borwick was until
recently Chairman and Chief Executive of Manganese Bronze Holdings plc.
Enquiries:
Bright Futures Group plc 01902 866 166
Stephen Harpin
Notes to Editors:
* route2mobility is a limited with registered number 4560102.
* route2mobility is 51% owned by The Enabling Partnership and 49% owned by
Bright Futures. The Enabling Partnership has provided the #0.5 million
working capital requirement of the Joint Venture.
* The Enabling Partnership is a major provider of services to disabled
people through its Enham based operations and has four other nationally
recognised members - RADAR, National Federation of Shopmobility UK,
Holiday Care and the National Information Forum.
* Bright Futures Group plc is the holding company for The Mobility Group,
Scootermart and Youreable.com. They are a leading retailer of age and
disability equipment.
* Motability is a national supplier of grants and services to disabled
people.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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