Kwik Fit strengthens freehold portfolio with buy-back of 83 centres
Kwik Fit has completed the purchase of 83 of its tyre and vehicle servicing centres from Hong Kong-based Spring Real Estate Investment Trust (Spring REIT). The transaction is part of the company’s ongoing strategy to increase the number of freehold properties in its UK network.
The latest acquisition brings the total number of centres bought by Kwik Fit this financial year to 115. These property deals cover sites located throughout the UK – stretching from northern Scotland to the South West of England.
The move is aimed at giving Kwik Fit greater long-term control over its estate. According to the company, the buy-back will simplify property management and support its future growth plans.
The centres acquired in this deal were originally sold and leased back by Kwik Fit during its ownership by private equity firm PAI Partners between 2005 and 2011. Kwik Fit became part of European Tyre Enterprise Ltd (ETEL) in 2011.
Commenting on the deal, Paul Dempsey, Group Property Director of ETEL, said:
"We are in a continual process of developing our estate to meet the long term ambitions for the group. Having ownership over a larger proportion of our network gives us greater control and freedom and also simplifies the management of many of our properties. We have an ongoing brief to look for suitable sites to add to our estate. Although the focus of these recent deals has been on purchases, we are also considering further leasehold properties."
This acquisition marks a step change in Kwik Fit’s portfolio strategy. In the previous financial year ending March 2024, the company added 24 freehold properties. The agreement with Spring REIT significantly accelerates this approach.
Kwik Fit has also been investing in new locations, recently opening centres in Abingdon and Selby, with a new site in Rushden set to open soon. Further locations are in the pipeline for 2025. In addition to the Kwik Fit brand, parent company ETEL is expanding its Fettle bicycle servicing workshops across the UK.
How many centres has Kwik Fit bought back?
Kwik Fit has purchased 83 centres from Spring REIT.
Why has Kwik Fit made this purchase?
To increase the number of freehold properties and have greater long-term control over its estate.
How many centres has Kwik Fit bought in total this financial year?
115 centres in total.
What is Kwik Fit’s future estate strategy?
The company aims to balance freehold and leasehold properties while continuing to grow its network.
Are there new Kwik Fit locations opening?
Yes, new centres have opened in Abingdon and Selby, with Rushden set to open soon.
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