Debt-laden parent had approaches to sell insurance firms
Kwik-Fit, the car repair firm founded by Sir Tom Farmer, the Scottish entrepreneur, is preparing to sell its insurance business for more than £200m, The Sunday Times reports.
Credit Suisse is to carry out a review of the 1995-launched Kwik-Fit Financial Services, which includes the Green Insurance Company and Express Insurance. It employs more than 1,000 people, handles 10 million calls a year, and has 1 million motor, home, pet and travel insurance policies.
The parent firm has debts of £822m and PAI, the French private equity firm that owns the business, had to pay in £20m in December to prevent it breaching banking covenants. PAI bought the business from CVC, a rival private equity house, for £800m in 2005.
Approaches
Ian Fraser, chief executive, said: “Having received a number of approaches from interested parties, the time is now right to examine a range of strategic options for Kwik-Fit Financial Services to ensure the business can maximise its long-term potential.”
Websites
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
