Kwik Fit, part of European Tyre Enterprise Limited (ETEL) and one of the UK’s leading tyre, MOT and car servicing retailers, has acquired a portfolio of 83 UK properties (which it currently occupies and includes over 30 sites in Scotland) as it aims to bring more sites into its direct ownership.
Kwik Fit, whose ultimate parent company is listed on the Tokyo Stock Exchange, was advised by law firm Shoosmiths in the UK, including legal teams within its Edinburgh, Glasgow and Sheffield offices. It’s the latest in a number of similar transactions the law firm has successfully undertaken for Kwik Fit in recent years.
The roadmap to secure the deal saw Kwik Fit acquire Hawkeye Properties 501 Limited, a Jersey entity, which was itself ultimately held by Spring Real Estate Investment Trust, listed on the Hong Kong Stock Exchange.
The complex, multi-jurisdictional deal for an undisclosed sum also requiredconsent 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, commented: “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.”
Renowned for their sector specific knowledge and entrepreneurial approach to conducting business, this latest deal has further underlined Shoosmiths credentials for successfully advising clients on complex international deals across multiple jurisdictions.
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.”
