Another Knight For Kwik-Fit

Reaction continues to the sale of Kwik-Fit to CVC, who have announced that chairman of the new company will be Sir Trevor Chinn, the outgoing chairman and former chief executive of Lex Service. Analysts are still debating the deal, with the consensus being that Ford overpaid when buying the company in 1999. Ford denies that the accounting irregularities at Kwik-Fit, where liabilities were understated by 3.

4 million Pounds (5.3 m Euros), depressed the selling price. Ford says that the low valuation represents present market value, but many think that, by paying 330 million Pounds for 81 per cent of a business which turned over more than twice that last year (2001 turnover was 762 million Pounds), CVC has got a good deal.