Kwik-Fit to sell insurance arm

Kwik-Fit, the car repair firm, is preparing to sell its fast-growing insurance business for more than £200m. The firm, which was founded by Sir Tom Farmer, the Scottish entrepreneur, has hired bankers at Credit Suisse to carry out a review of Kwik-Fit Financial Services, which employs more than 1,000 people and handles 10m calls a year. The business, which was launched in 1995, includes Kwik-Fit Insurance, the Green Insurance Company and Express Insurance. It has more than 1m policies in motor, home, pet and travel insurance.

A sale of the operation would help Kwik-Fit to cut its debt which, according to its last published accounts, is £822m.