NATIONAL Tyre Service, operator of National Tyres and Autocare, is claiming the title of Britain's biggest independent tyre retailer after a multi-million pound management buyout from Continental.

Chairman and chief executive Alan Revie secured the deal to buy National and sister wholesale business Viking International from the tyre giant for an undisclosed sum. Both companies will continue to operate as separate businesses, under the umbrella of a new holding company called Axle Group Holdings.

National Tyres and Autocare has a network of 214 High Street branches, which Revie said could be expanded in future through franchising. He insisted the firm would retain its current in-house network.

Glasgow-based Viking International has 250 staff operating from 10 warehouse locations, offering tyres, exhausts, batteries and automotive components. It is also part of the Tyre Expert European retail parts network, in which it will continue to be a member.

A financial centre in Ireland will close and Revie admitted there will be job losses, with about 40 staff out of 1,200 employees at NTS losing their jobs, although the firm expects efficiencies of £10 million will mainly come without job cuts.

Revie said: 'Both companies offer strong management teams and excellent prospects for the future and we are delighted now to get the opportunity to put our own plans in place.'

NMB-Heller, the structured finance company, provided financial support for the deal to be completed.