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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/kwikfit-set-for-japanese-ownership.jpg"><img class="alignnone size-full" title="Tyre retailer Kwik-Fit has reportedly been sold to a Japanese trading house" src="http://londonglossy.com/wp-content/uploads/2011/03/min-kwikfit-set-for-japanese-ownership.jpg" alt="Tyre retailer Kwik-Fit has reportedly been sold to a Japanese trading house"/></a></p>
<p>Britain&#8217;s biggest tyre retailer Kwik-Fit has been sold to a Japanese trading house for £637 million, it has been reported.</p>
<p>Kwik-Fit&#8217;s European owner, private equity firm PAI Partners, sold the auto repair chain to Tokyo-based Itochu Corporation, which also owns Stapleton Tyre Services, the City AM newspaper said.</p>
<p>PAI, which declined to comment on the deal, paid £800 million for the chain in 2005 and recently sold Kwik-Fit&#8217;s £215 million insurance arm to Belgium&#8217;s Ageas.</p>
<p>Kwik-Fit currently accounts for 20% of the UK tyre market and employs 4,602 staff across 673 branches. It has a further 545 branches across Europe.</p>
<p>The company&#8217;s last interim statement published on its website, covering the six months to June, showed sales of £485.5 million with operating profit of £41.4 million. The statement said it had net bank debt of £652.8 million.</p>
<p>Itochu&#8217;s Japanese rival, Marubeni, which distributes Yokohama tyres in Europe and has a network of 24 car showrooms in Britain, was previously reported to be interested in Kwik-Fit.</p>
<p>Itochu was founded in 1858 and employs more than 4,000 staff. </p>
<p>It deals with a wide range of products including textiles, machinery, IT, aerospace, energy, food and finance.</p>
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