Ford Acknowledges Loss Likely On Kwik-Fit Sale

According to the Financial Times, Ford is admitting for the first time that it will face a substantial loss when it disposes of Kwik-Fit. The FT says it has seen documents from Ford’s auditors, warning that the proceeds from any disposal will not be in line with the book value. The UK parent of Kwik-Fit (and other companies such as Jaguar and Aston Martin) – Ford Automotive Holdings – recently filed its year 2000 accounts, which include the first year’s contributions from Kwik-Fit.

These show pre-tax losses of 356 m GBP (580 m Euro) on a turnover of 9.42 bn GBP (15.35 bn Euro).

1999’s pre-tax loss was 175 m GBP (285 m Euro) on a turnover of 8.71 bn GBP (14.2 bn Euro).