Since taking over at Kwik-Fit, the tyre and exhaust company, chief executive Tim Parker has cut the number of outlets from 900 to 700 and has reduced prices by an average of 10%. UK sales rose to £353m and operating profits to £19m in 2002, the latest available figures. Ford acquired Kwik-Fit for £1 billion plus debt in 1999 but then sold 81% of the equity to CVC Capital Partners for £330m. There has been speculation that CVC may float Kwik-Fit Group later this year.
This profile reflects the company at time of publication and does not reflect any changes that may have subsequently occurred. Fast Track and its sponsors do not endorse, guarantee or recommend investment in any of the companies.