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Kwik-Fit steers towards £1bn sale

Kwik-Fit, the fast-fit car repair chain, could soon change hands for a third time.

It is understood that owner CVC Capital has been told by stock market analysts the business could fetch up to £1 billion – the price paid by Ford when Kwik-Fit founder Sir Tom Farmer sold it to the manufacturer in 1999. CVC paid £350m in 2002.

CVC is not thought to be committed to a flotation but is said to be considering a twin-track approach that could lead to an outright sale if there is sufficient interest from trade buyers or other private equity groups.

Industry interest could come from tyremakers Bridgestone and Michelin, while other buyout companies may be attracted by Kwik-Fit’s strong cash flow.

Kwik-Fit operates 670 service centres in the UK and 1,100 more across the rest of Europe. It runs 200 mobile tyre-fitting vehicles.

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