Automobile Association

The Evening Standard (London) report that:

'CVC Capital Partners and Permira bought the AA for Pounds 1.75 billion from British Gas group Centrica in July 2004. Under chairman Sir Trevor Chinn and chief executive Tim Parker for the last three years, the AA has grown its business. But it recently attracted the anger of the GMB trade union after it announced cost-cutting measures that will see it sack 3500 people - almost a third of its staff. It accused CVC and Permira of asset-stripping after reports they intended to gear up the AA with an extra Pounds 500 million of debt and pay themselves a sub-stantial special dividend. Neither Permira nor CVC would comment...'