Ford is said to be reviewing its ownership of its fast-fit operation Kwik-Fit.

The FT reports today that the carmaker has appointed Goldman Sachs, the global investment bank, to explore the options for the business, which it bought in 1999 for £1 billion.

The options are believed to include a joint venture or outright sale. Ford is drawing up plans for a radical overhaul of its business as it attempts to stem unprecedented losses throughout its global operations. Last week it warned its fourth quarter results will be worse than expected. With a fourth-quarter loss, Ford will have reported three consecutive quarterly losses for the first time since 1992.