The Glasgow Herald reports that Sir Tom Farmer, the founder of Kwik-Fit, denied yesterday that he is among the bidders to buy back the company he sold to Ford for £1bn in 1999.
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According to the Herald, Farmer told the Scottish financial newspaper, Business AM, that: “I am not going to bid and that has always been the case. But it seems that the more I say, the less people believe me.”
Sir Tom added that he and his top team – John Houston, director of strategy and business development, and Peter Holmes, who held a group-wide marketing role – resigned from the Kwik-Fit board three weeks ago to give the bidders a free run at the company.
However, he said that he would be happy to work with whichever group buys Kwik-Fit.
It has been reported that at least five bids have been submitted for Kwik-Fit, the UK-based fast-repair chain of shops Ford is selling as part of its wider restructuring programme.
