Kwik-Fit Reports £831 million Sales in 2006
Kwik-Fit’s 2006 accounts show the company achieved turnover of £830.9 million (up 4.4 per cent) during its full year since being sold to PAI. EBITDA increased to £100 million in 2006, up 6.6 per cent year-on-year. In August 2005 CVC Capital Partners sold Kwik-Fit to PAI for around £800 million, despite reported bidding from a Bridgestone/Mitsubishi partnership.
According to reports, the group traded in line with expectations during the early part of 2007 with growth in sales boosted by new services like MOT testing in the UK and fleet business in continental Europe.
There are also said to be plans to open 50 new outlets across Europe. In addition, the company is expected to upgrade its estate in the UK, France and Holland with significant capital investment.