A Witney-based vehicle repair firm has targeted growth after announcing plans to float on the Stock Exchange.

Nationwide Accident Repair Services, which has its head office at Thorney Leys Park, is seeking admission to the Alternative Investment Market (Aim), with the company valued at £50m.

Share dealings were expected to start today, with the company looking to build on existing pre-tax profits of £8.4m and turnover of £140m achieved in the year to December 31.

Chief executive Michael Wilmshurst, pictured, said: "Nationwide has established itself as the largest dedicated accident repair provider in the UK.

"We believe there are significant opportunities to develop the business, both organically and by acquisition.

"Admission to Aim represents an important step for us, enhancing our status within our marketplace and providing us with a firm platform on which to build."

The origins of Nationwide date back to 1908. More recently, the business was part of automotive group Perrys.

Today, it operates 69 accident repair centres across England, Scotland and Wales, including an outlet at Langford Locks, in Kidlington, which employs 34 people. A further eight work at the Witney head office.

Customers include major insurers, such as Royal & Sun Alliance, Norwich Union, Zurich and Equity Red Star, and fleet operators, such as DHL.