30 Scottish Kwik Fit centres sold as part of ‘complex’ legal deal
“This was a complex deal, which saw colleagues across the UK work collaboratively with multi-disciplinary and multi-jurisdictional teams” – Sheelagh Cooley, Shoosmiths
More than 80 Kwik Fit-operated tyre fitting sites including 30 in Scotland have been acquired for an undisclosed sum.
The portfolio of 83 UK properties has been bought by Kwik Fit, part of European Tyre Enterprise Limited (ETEL), as it aims to bring more sites into its direct ownership.
The tyre and car servicing firm, whose ultimate parent company is listed on the Tokyo Stock Exchange, was advised on the multi-jurisdictional deal by law firm Shoosmiths in the UK, including legal teams within its Edinburgh, Glasgow and Sheffield offices. It marks the latest in a number of similar transactions that the legal outfit has undertaken for Kwik Fit in recent years.
The roadmap to secure the deal saw Kwik Fit acquire Hawkeye Properties 501, a Jersey entity, which was itself ultimately held by Spring Real Estate Investment Trust, listed on the Hong Kong Stock Exchange.
The complex deal, for an undisclosed sum, also required consent from the Securities and Futures Commission of Hong Kong, as the transaction constituted a special deal under the Takeovers Code.
Paul Dempsey, group property director at ETEL, said: “This transaction is a key part of Kwik Fit’s strategic plan for growth across the UK and Ireland. We are delighted with the dedication and support Shoosmiths provided to manage this complex deal on our behalf.”
Kwik Fit runs more than 600 centres in the UK. The business was set up by the late businessman Sir Tom Farmer in the early 1970s.
Sheelagh Cooley, real estate partner and head of the Edinburgh office at Shoosmiths, added: “Having supported ETEL with portfolio acquisitions in 2023 and 2024 (which saw 58 sites acquired), we are thrilled to have advised Kwik Fit on this latest acquisition of a further 83 sites. These deals enable one of the UK’s leading tyre, MOT and car servicing retailers to bring more properties under its direct ownership.
“This was a complex deal, which saw colleagues across the UK work collaboratively with multi-disciplinary and multi-jurisdictional teams to achieve a positive result for our client. The deal engaged real estate, corporate, litigation, tax, competition, environmental and regulatory specialists.”
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