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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.
Kwik Fit warns of ‘1.1 million unroadworthy vehicles’
Kwik FitMOT exemption means many cars will not be checked for up to six months and 49 per cent of drivers receiving an MOT extension will go to the end of the period without getting car tested, according to Kwik Fit’s analysis. However, the leading fast-fit chain also reports that the majority of drivers think the MOT extension should be ended now.
Kwik Fit doubles fleet warranty on brake parts
Kwik Fit has doubled the fleet warranty it offers on friction brake parts. According to the company, it is an “industry-leading move that will deliver operating cost savings to the corporate sector”. This means the firm now offers 24 months/24,000 miles warranty, up from 12 months/12,000 miles across brake pads, discs, drums and shoes. Kwik Fit reports that it is able to do this due to the training and workmanship of its expert technicians.
Kwik Fit benefiting from increased mechanical work
Kwik Fit reports that it is seeing fleet demand for its range of mechanical services increasing and is forecasting further growth in 2015. According to the company, the catalyst for growth was the opening of 20 Kwik Fit Plus centres. Indeed, Kwik Fit Plus centres are said to form a key part of parent company Itochu Corporation’s ongoing network-wide multi-million pound refurbishment and modernisation programme.
