Kwik-Fit for sale

Car tyres and exhaust specialist Kwik-Fit confirmed it was up for sale today after beginning an auction process that could fetch a reported £800m (€1.18m).

Private equity owner CVC Capital Partners said it had sent information to a string of prospective buyers, which analysts believe is likely to include many of CVC’s fellow buy-out firms.

Tyre makers Bridgestone and Michelin, as well as the RAC’s prospective new owner Aviva, may also be in the frame, reports said today.

The confirmation of the sale process finally ends speculation that CVC Capital was planning to float Kwik-Fit on the stock market.