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Kwik-Fit looks for a buyer

Kwik-Fit has announced it has been put up for auction and could go for as much as £800m.

A spokesman for buyout firm CVC Capital Partners, which owns Kwik-Fit, said the company has sent sale information to a string of prospective buyers, but declined to name which ones.

The company said the sale is expected to be ‘wrapped up by the end of the summer’ as CVC prepares to float IG Group, the spread-betting firm.

Kwik-Fit chief executive Tim Parker will receive £30m for his 5% stake in the company when the company is auctioned off.

Kwik-Fit is still Europe’s biggest independent auto parts, repair and replacement specialist with 2,300 outlets, including Speedy in France and Pit Stop in Germany. It has 11,000 employees and reported 2003 turnover of £730m.

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