Shoosmiths advises Kwik Fit as it drives forward with latest portfolio acquisition

Shoosmiths has advised Kwik Fit - part of European Tyre Enterprise Limited (ETEL) and one of the UK’s leading tyre, MOT, and car servicing retailers - on the acquisition of a portfolio of 83 UK properties.

The portfolio, which Kwik Fit currently occupies, includes over 30 sites in Scotland and supports its aim to bring more sites into its direct ownership.  

Kwik Fit’s ultimate parent company is listed on the Tokyo Stock Exchange. Shoosmiths acted on the UK aspects of the transaction, marking the latest in a series of similar deals the law firm has successfully handled 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 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.” 

This latest deal further underlines Shoosmiths' credentials in successfully advising clients on complex international transactions across jurisdictions.

Sheelagh Cooley, partner and real estate finance co-head, 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.”

The transaction was led by Sheelagh, supported by a multi-disciplinary team including:

• Real estate: Kate McGoverne, Stacy Dawes, Holly Gerard, Amy Price, Megan McDonald, Victoria Simpson, Lewis Ritchie and Rachael McCallum

• Corporate: Alison Gilson and Sylwia Jakuczun

• Tax: Laura Board and Carly Cutler

• Employment: Jennifer Wright and Samantha Mackie

• Environmental matters: Angus Evers

• Banking and finance: Fiona Cameron