Kwik-Fit sells off insurance firm

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Car repair chian Kwik-Fit has agreed a deal to sell its West Lothian-based insurance arm to Belgian insurer Ageas for £215m.

The deal, which is subject to regulatory approval, is expected to be completed in the next three months.

It will give Ageas, formerly known as Fortis, 600,000 more customers in the UK, on top of the one million it already has.

Kwik-Fit is currently owned by French private equity group PAI Partners.

"This acquisition broadens our base and will accelerate the growth of our business in the UK, one of our core insurance markets," said Bart De Smet, chief executive of Ageas.

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