Ageas confirms legal action against Kwik Fit over an “accounting liability”
An Ageas spokesman said: “Ageas UK can confirm that it has issued a legal claim against Kwik Fit (GB) Limited. This warranty claim is linked to an accounting liability. It does not relate to the day-to-day Kwik Fit Insurance business and will not have any impact on its operations either now or going forward. The legal action will take its course and therefore we are unable to comment further.”
Ageas paid £215m to acquire the insurance arm of the tyre retailer in 2010.
All potential liabilities had been passed on to the company’s new Japanese owners Itochu as a condition of the sale.
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