Markerstudy Group, a UK-based provider of motor insurance products, has completed the acquisition of Tonbridge Coachworks Vehicle Repair Group.

The acquisition includes Tonbridge Coachworks, European Automotive Solutions and Canterbury Accident Repair Specialist.

The fleet insurer said with over 900 members of staff and annual revenue of more than GBP500m, the move will provide a secure platform for Tonbridge Coachworks to expand and progress.

With the current economic climate, and with some vehicle repair businesses struggling and closing, the purchase by Markerstudy is seen as a great positive for Tonbridge Coachworks, the car industry and the local economy.

Markerstudy CEO Kevin Spencer said the group is hoping not only to secure jobs, but to bring more trade into the area.