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Japanese trading company Itochu has acquired the British company Fettle Bike Repair, through its subsidiary Kwik-Fit and ultimately the holding company European Tyre Enterprises.
It’s a small scale deal – Fettle was only founded in 2019, is loss making on a £750,000 turnover, employing 24 people, but has been in an operational partnership with Kwik-Fit since March l2023, establishing a total of three joint centres: two in London and one in Bristol in South West England. Fettle will be accessing Kwik-Fit’s nationwide network.
Itochu see this deal as part of their commitment to sustainable development goals, as well as growth area, with the rise of e-bikes, and companies having fleets of e-cargo bikes and delivery bikes. Or as they put it “the realization of social systems that have a low environmental impact and the development of a sustainable society by meeting demand for the repair of diversified means of transportation and servicing of increasingly diverse means of transportation and building a network for after-sales services in the mobility market.”
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