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Itochu sold 26 Kwik-Fit freeholds in the first half of 2020
While speculation continues relating to the apparent sale of the Kwik-Fit tyre retail business, we do know that the Itochu-owned enterprise sold the freeholds to 26 of its branches in a double-digit million-pound series of transactions during the first half of 2020.
ETEL, Kwik-Fit decline to comment on sale speculation
On Friday 18 September 2020, it emerged that Kwik-Fit and European Tyre Enterprises Ltd (ETEL) owner Itochu has appointed investment bankers Nomura to act as its strategic investment consultancy with relation to the future of its European tyre business. The move has been widely interpreted as sale preparation. In light of the news, Tyres & Accessories contacted ETEL and Kwik-Fit representatives in order to find out more. Both declined to comment officially. However, supplementary information on Itochu’s third-quarter 2020 and full fiscal year 2020 results give further details of the conglomerate’s explanation as to why the company did not present a 2021 profit forecast for ETEL as it normally would.
Kwik Fit owner Itochu prepares for sale scenario
The UK’s largest tyre retailer, Kwik Fit, is being prepared for a sale. The Japanese Itochu group, which owns the European Tyre Enterprises Ltd (ETEL) holding company that controls both Kwik Fit and its wholesale counterpart Stapleton’s Tyre Services, has appointed investment bankers Nomura to advise on strategic options for the company, according to Sky News, with insiders suggesting a sale is very likely.
Central Tyre appoints ex-Pirelli manager as sales director
Central TyreCentral Tyre has appointed former Pirelli and Prometeon sales manager Alex Whittle as sales director. In his new role, Whittle will be responsible for all sales operations across the car, van, truck, industrial and agricultural sectors. His appointment follows a successful growth period within the UK market, according to Central. Central Tyre is part of the UK’s leading ETEL group of tyre retailers, alongside Kwik-Fit and STS Tyre Pros.
Halfords charges into second place in the 2020 UK tyre retail ranking
At the moment it is easy to get side-tracked by all the talk of the coronavirus. But, while it is clearly an important subject, the tyre business has a century or more of pre-history, has a present and has a future. With this in mind, May’s edition of Tyres & Accessories continues in line with the last eight years of research by counting and ranking the nation’s largest tyre retail chains.
The methodology is simple, we contact companies, consult publicly available sources and use third-party data where necessary in order to triangulate our tyre retail landscape. Of course, the present circumstances may look significantly different due to the nations’ current lockdown status (see “Which Garages are Open During Lockdown“). However, the shape of the tyre retail business before the lockdown will surely help the retail trade strategize for its ongoing future after lockdown, making this data as actionable as ever.
ETEL appoints Kwik Fit MD Mark Slade as deputy group CEO
European Tyre Enterprise Limited (ETEL) has promoted Mark Slade, managing director of Kwik Fit GB, to the new position of ETEL Group Deputy CEO. Slade will continue in his role leading Kwik Fit, but will also take on additional group responsibilities as part of a broader remit.
Andy Fern becomes MD of Stapleton’s
European Tyre Enterprise Limited (ETEL) has appointed Andy Fern as managing director of its Stapleton’s Tyre Services tyre wholesale business.
Fern, who is currently group fleet sales director, replaces Wataru Goroku (‘Go’), who is taking on a new role with ETEL’s parent company Itochu. Go will provide continuity by taking the role of chairman of Stapleton’s during a transition period to ensure a smooth handover.
Kwik Fit offering ‘Mobile7’ mobile tyre fitting nationwide
Kwik Fit has “significantly expanded” its ‘Mobile7’ mobile tyre fitting operation and is executing plans for “further development in 2019 and beyond”. Kwik Fit launched ‘Mobile7’ inside the M25 in 2016 and has subsequently expanded the service into other regions across the UK. According to the company, ‘Mobile7’ is Kwik Fit’s response to delivering both increased tyre replacement capacity and flexibility. Kwik Fit ‘Mobile7’ runs in addition to the company’s 600-odd bricks and mortar retail units.
ETEL continues to lead top 20 UK tyre retailers 2019
After years of expansion amongst the top 20 UK tyre retailers, the latest data shows that this trend peaked in 2017/2018 when the top 20 accounted for 2014 branches. The same 20 tyre retailers had 1980 branches between them in 2018/2019. And what’s more, the reorganisation of one retailer alone accounted for a 40-centre decline in branch count, with the overall figure remaining positive due to growth at other chains. Here Tyres & Accessories analyses the branch count data in the context of 10 years of comparable research.
Shinjiro Tanaka takes over as ETEL CEO
European Tyre Enterprise Ltd (ETEL), which includes Kwik Fit GB and Stapleton’s Tyre Services, has announced that Shinjiro Tanaka will replace current Group CEO Yasuyuki Harada, who is returning to Japan.
Micheldever/Protyre moves up to fourth, Lodge Tyres jumps in retail rankings
In last year’s ranking of the top tyre retailers in the UK, Tyres & Accessories predicted that the pace of change in the top 20 chains by branch count would result in some jostling for position. This has proved entirely accurate, as two major acquisitions have brought two of 2017’s top 20 into the fold of higher ranked companies, leading to both Micheldever/Protyre, leapfrogging HiQ into fourth place as predicted last year, and Lodge Tyre, into the top 10 from joint-14th last year, making significant jumps in this year’s table. Most other retailers have held relatively stable positions in terms of the number of stores, while our most recent additions to the table, Eden Tyres (15 stores) and Elite Garages (13) were identified as narrowly missing out on places last year.
ETEL announces senior promotions, new management team
Leading UK tyre group, European Tyre Enterprise Ltd (ETEL), has announced a series of promotions within its senior management, including the appointment of a new CEO following Kenji Murai’s promotion to a global position with parent company, Itochu.
Tyre Industry Awards a ‘resounding endorsement’ of ETEL training programmes
Following three 2017 Tyre Industry Awards, European Tyre Enterprises Limited (ETEL) said its success in three separate personnel focused awards categories proved the quality of its staff development initiatives. The company prevailed in the Staff Training and Development Initiative Award with Kwik-Fit, while members of staff won National Apprentice Tyre Technician of the Year (Kimberley Locker, STS Tyre Pro) and REACT Roadside Technician of the Year award (Adam Grimley, Central Tyre (Commercial), who shared the award with Tomasz Woiciechowski of Tyre Maintenance).
Protyre is fastest growing UK retail chain for 2nd straight year
The 2017 edition of Tyres & Accessories’ annual retail report shows that the overall number of branches controlled by the top 20 retail chains continues to grow. However, that is just part of the story and the data shows that there have actually been significant movements in every tier of the top 20. Perhaps the clearest observation is that Micheldever’s Protyre retail chain is once again the fastest growing in the UK – a title it claims in 2017 for the second consecutive year. Meanwhile, Goodyear’s HiQ franchise network is the top 20’s fastest faller – something that suggests the first changes in the make-up of the top five since we started tracking the UK retail landscape could take place before the year is out.
