Kwik-Fit Insurance considers offers
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Kwik-Fit has said it is considering its options after receiving several offers for its successful insurance division which currently holds more than one million policies in the UK.
Kwik-Fit Financial Services, owned by French private equity firm PAI, boasts a 1,000-strong workforce handling 10 million calls a year and could provide a welcome solution to the car repair firm's long term debt problem which, according to its last published accounts, stands at £822 million.
Credit Suisse have been appointed by the firm to conduct a financial review of the insurance arm which could be worth up to £200 million according to initial estimates.
Kwik-Fit chief executive Ian Fraser 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."
The insurance business was launched in 1995 and has more than one million policies in motor, home, pet and travel insurance. It also operates as the Green Insurance Company and Express Insurance.