RAC

3521 days ago

Quindell, the RAC, those red flag infested interims and a missing £15 million

Hat tip to poster Dalesider here on ShareProphets.com for alerting us to the fact that the Quindell (QPP) interims throw up another red flag and it concerns the much hyped deal with the RAC. Quindell says it is being restructured, I worry about the missing £15 million and wonder if the deal is in tatters as a result of Quindell’s cash crisis.

We start back in April when the Quinnovation Group (my little joke, I meant Quindell but for an explanation go HERE) announced that it was hooking up with the RAC to go into telematics.  The strict financials was that a new company was being set up – Connected Car Solutions. I quote from that release:

3554 days ago

Quindell – The Great Unravel begins: RAC deal hits the buffers: FT – Questions of (lack of) cash

The Financial Times today reports that the much heralded Quindell (QPP) deal with the RAC has stalled big time. This is the start of the great unravel for at the bottom of it all is cash. Or lack of it. The FT states:

Quindell, the UK IT outsourcing services provider, has run into trouble over one of its biggest contracts, a joint venture with the RAC to put tracking devices in cars which was aimed at revolutionising the insurance industry.