Ford’s Kwik-Fit Woes Deepen

Kwik-Fit, the fast fit chain snapped up by Ford for 1.6 billion US$ has proven to be a step too far for the motor manufacturer. Not only has the originally touted ticket price of 800 million not been reached in the sale, but the highest bid looks to be nearer 300 million pounds.

The potential buyer, CVC, is still undergoing negotiations with Ford. However, in the wake of Enron, WorldCom and rumours of unusual accountancy practices at General Motors (denied by GM), there have been irregularities found in Kwik-Fit accounts. PwC, Ford’s auditor has found that liabilities for the fast fit chain have been understated by £3.

4 million. The “error” came about by accounting for goods supplied, without taking the unreceived invoices into account..