Kwik-Fit set to be sold?

Kwik-Fit is being readied for sale by its majority shareholder CVC Capital Partners. Rival banks brought in by CVC to assess the deal have reportedly valued the company at between £700m and £1bn. CVC declined to comment.

Founded in 1971 by Scottish entrepreneur Tom Farmer, Kwik-Fit was sold to Ford for £1bn in 1999.

It later sold the company on to private equity provider CVC Capital Partners in 2002 for £330m, although Ford retains a 19% shareholding. Kwik-Fit has 2,300 service centres in Europe.