Fleet News

Kwik-Fit boosts network to 836

KWIK-FIT has bought three tyre and exhaust companies operating from 45 specialist centres for £12.3 million to boost its European outlets network to 836.

The acquisition involves the share capital of Autospeed Tyre and Exhaust Centres, of Bristol and Ebley Tyre Services, of Gloucester, and the assets and business of Bristol-based Manor Tyre Group.

The companies operate similar car tyre, exhaust replacement and other services to Kwik-Fit and are centred in the south and south west.

Their combined annual turnover is £20 million and profits before tax and directors' salaries amounts to £1.2 million. Net assets of Ebley were £400,000, Manor £2.2 million and Autospeed £1.5 million.

Kwik-Fit paid £7.1 million cash and unsecured loan notes of £5.2 million for the businesses. It now has 687 centres in the UK as well as 100 mobile tyre fitting vehicles, 23 Centuri Distribution Centres and a 25% stake in Apples Car Clinics.

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