Hampden Group, which owns the Texas Homebase stores and Reid Furniture, has sold its 50 per cent stake in Kwik Fit (NI) to Kwik Fit Holdings, the holder of the other 50 per cent, for £1.05 million sterling (£1.18 million). The proceeds will be used to expand its Texas Homebase business, particularly in the Republic where it believes there is significant potential for sales growth.

Hampden has already said it is actively considering proposals for new stores in the Republic. Kwik Fit (NI) operates a chain of 12 tyre and exhaust automobile repair centres in Northern Ireland. Its latest results showed a pre-tax profit of £114,007 in the year to January 3rd, 1998 and net assets of £170,000. The consideration includes loans due to Hampden.