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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.

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Company details
CompanyKwik-Fit GB
ActivityGarage services provider
Sales £m353
Profit £m19
Year endDec 02
Principal shareholdersCVC Capital Partners (81%), Ford (19%)

If applicable:

* Supplied by company † Annualised figure **Estimated