Nationwide Accident Repair Services, the proposed new name for Perry Group, is planning to double turnover in five years. Perry sold its dealerships to the Pearlglass management buyout in March.

The name change – to reflect the company's focus on accident repairs and management – is expected to be given shareholders' go-ahead on August 8. The body repair group turned over £111.4m last year.

In a Stock Exchange announcement the group – whose chief executive John Woollatt quit two weeks ago “to return to a career in the motor trade” – said it was committed to releasing assets tied up in non-core activities.

It has sold the International Motor Parts (IMP) business to Unipart's SSVG for £450,000, and agreed a £3.4m sale and leaseback deal with Lombard Vehicle Leasing for its owned courtesy car fleet.