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Halfords

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Halfords
Company typePublic
(LSE:HFD)
IndustryAutomotive Services
Founded1892;132 years ago(1892)
FounderFrederick Rushbrooke
Headquarters
Redditch,Worcestershire
,
England
Area served
United Kingdom and Ireland
Key people
Keith Williams
(Chairman)
Graham Stapleton
(Chief Executive)
ProductsElectric bikes, push bikes and accessories, car parts,SatNav,Car audio,Tools,Child seatsetc.
ServicesCar servicing, bike repair, vehicle part fitting, basic audio and dash-cam installations.
RevenueIncrease£1,593.5 (2023)[1]
Decrease£63.6 (2023)[1]
Decrease£34.0 (2023)[1]
Number of employees
12,901 (2023)[1]
SubsidiariesHalfords Autocentre
Boardman Bikes Ltd.
Tyres on the Drive
Websitewww.halfords

Halfords Group PLCis a UK retailer of motoring and cycling products and services. ThroughHalfords Autocentre,they provide vehicle servicing,MOT,maintenance and repairs in theUnited Kingdom.[2]

Halfords Group is listed on theLondon Stock Exchange.

History

[edit]
A Halfords inKirkstall,Leeds(2006)

Halfords was founded byFrederick Rushbrooke,inBirminghamin 1892, as a wholesale ironmongery.[3]The company takes its name from Halford Street, named after the physician,Henry Halford,inLeicester,where Rushbrooke opened a store in 1902 and started selling cycling goods.[3]

Halfords opened its two hundredth store in 1931, and purchased theBirmingham Bicycle Companyin 1945.[3]It opened its three hundredth store in 1968.[3]The company became a part ofBurmah Oilin 1965, following a takeover battle between Burmah andSmiths Industries.[3]

The company was acquired by the Ward White Group in 1983,[3]from whom theBoots Groupacquired it in 1989. Halfords was later demerged from the Boots Group in 2002.[4][3]

Halfords was taken over byCVC Capital Partnersin July 2003[3]and, in June 2004, it was floated on theLondon Stock Exchange.[3]

Halfords rebranded in February 2003, to the black and orange logo it has today.[5]

Halfords entered into a Collaboration Agreement withAutobacs Seven Co.on 11 July 2005,[6]a Japan based car accessory retailer with chains of stores all over the world and is best known for being the title sponsor ofSuper GTandD1 Grand Prix.[7]

Autobacs acquired 5% (11,400,000 shares) of the company on 13 December 2005, at approximately ¥7.5 billion.[8]

Halfords opened its first shop inCentral Europein June 2007, in a village nearPrague.In the next two years, it opened five more stores in theCzech Republicand one inPoland(Wrocław,2008). Expansion into Central Europe was seen as an opportunity, because the cars on the road tend to be slightly older there, so people would be more adept at car maintenance.[9]

In March 2010, Halfords ceased its international expansion to refocus on the domestic market.[10]

In February 2010, the company announced its expansion into autocare and that it was acquiring the chainNationwide AutocentreMOT from private equity firm Phoenix. As of September 2024, there are over 250 garages branded Halfords Autocentre, providing MOTs, car repairs and servicing.[11]

In June 2014, Halfords acquired the British bicycle manufacturerBoardman Bikes Ltd.(founded by the professional cyclistChris Boardman,Sarah Mooney and Alan Ingarfield) for an undisclosed sum.[12][13]

Halfords acquired Swansea basedTredz Bikes,an online retailer of premium bikes and cycling accessories, and Wheelies, the largest provider of bicycle replacement for insurance companies in the United Kingdom, for £18.4m, from founders Keith and Michael Jones, on 24 May 2016.[14]

In 2019, CEO Graham Stapleton announced he was placing greater focus on growing Halford's motoring services business. In November 2019, Halfords acquired McConechy’s garages in Scotland[15]and Tyres on the Drive mobile tyre fitting service.[16]In March 2021, the business acquired Universal Tyres and Garages.[17]

In December 2021, Halfords acquired rival tyres and auto-care chainNational Tyres and Autocarefor £62m.[18]

in October 2022, Halfords announced it had acquired the UK commercial tyre business, Lodge Tyre Company for £37.2m.[19]

Operations

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Since 2010, Halfords Retail has operated around 465 stores, of which about 22 are in theRepublic of Ireland,and the others in the United Kingdom.[20]

As of June 2021, Halfords has 404 stores, 3 Performance Cycling stores (trading as Tredz and Giant), 374 garages (trading as Halfords Autocentres, McConechys and Universal Tyres and Autocentres) and 143 mobile service vans (trading as Halfords Mobile Expert and Tyres on the Drive) and 192 Commercial vans.[21]

Sponsorship

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In 1987, Halfords sponsored the team of Professional Road Cycling, ANC Halfords, and that year, entered theTour de France.However, the team ran out of money, at the end of the season, and officially disbanded.[22]

The company returned as a major sponsor ofBritish Touring Car Championshipfor the 2002 season, partnering withVic Lee Racingto sponsor its bright orange Peugeot 406 Coupé cars.[23]

When VLR's efforts to make the grid in 2004 fell through, Halfords switched allegiance toTeam Dynamics,sponsoringMatt NealandDan Eaves.In 2005 and 2006, Neal brought Halfords title glory, winning the overall drivers' titles. The company remained loyal to Team Dynamics thereafter, returning as a BTCC sponsor in 2016 with Team Dynamics, resulting in another title success withGordon Shedden.Halfords remained in the BTCC until the end of the 2022 season, before parting ways with Team Dynamics ahead of the 2023 BTCC.[24]

In January 2008, Halfords started sponsoring a mixed professional bike team,Team Halfords Bikehut,headed byNicole Cooke.[25]

Halfords announces a 15 month partnership to sponsorITV National Weatherfrom October 2018.[26]

Cycle Republic

[edit]

In November 2014, Halfords announced it was going to revive itsCycle Republicchain of specialist bicycle stores, primarily focused on urban cycling and commuting, which is reflected in the brand's styling.[27]The first store was opened inLondon,on 12 December 2014.[28]The company's shop estate twenty two shops,[29]and an ecommerce website operation offering an extended product range, as well as financing options.[30]

The company's flagship store in Canary Wharf was opened by Olympian,Victoria Pendleton,in January 2018.[31]

Cycle Republic sponsored the racing team, Morvélo Basso, for 2018.[32]The company also provides event support at cyclo sportives around the country, includingEtape Loch Ness,Palace2PalaceandVelo Birmingham.[33]The company announced a new, strategic partnership with the folding bike manufacturer Brompton, in the end of 2018.[34]

References

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  1. ^abcd"Annual Report 2023"(PDF).Halfords.Retrieved15 February2024.
  2. ^"Halfords Autocentres reports 89.6% increase in pre-tax profit - next stop 'market leadership'".Tyrepress.23 June 2021.Retrieved31 August2021.
  3. ^abcdefghi"And it's all thanks to a passion for a penny-farthing bicycle".London:Times Online.30 May 2005.Retrieved5 June2007.
  4. ^"Boots to send Halfords off on its bike".telegraph.co.uk.18 April 2002.Retrieved8 September2020.
  5. ^"Halfords change of style benefits Barnado's".Retail Bulletin. 18 February 2003. Archived fromthe originalon 19 April 2016.Retrieved9 April2016.
  6. ^"Announcement of Collaboration Agreement with Halfords Group plc".Autobacs Seven Co.Archived fromthe originalon 28 September 2007.Retrieved5 June2007.
  7. ^"Manabu Orido announces Super GT Sabbatical after departing JLOC".Super GT World. 5 March 2018.Retrieved16 March2019.
  8. ^"Announcement of Acquisition of Stocks of Halfords Group plc".Autobacs Seven Co.Archived fromthe originalon 28 September 2007.Retrieved5 June2007.
  9. ^Thompson, James (6 June 2008)."Halfords looking to branch out into Central Europe as sales buck downward trend".London:Independent Online.Retrieved13 June2008.
  10. ^"Halfords leaving Czech Rep and Poland after three years, focusing on domestic market".Autofox. 23 March 2010.Retrieved25 August2014.See also links on the bottom of that article; see alsoJames Moore (24 March 2010)."Investment Column: Halfords rides away from central Europe".The Independent.Retrieved25 August2014.
  11. ^Halfords buys car servicing firm Nationwide AutocentresBBC News Online.18 February 2010
  12. ^"4 June 2014 Last updated at 18:05 Halfords takes over Boardman Bikes for undisclosed sum".BBC News.4 June 2014.Retrieved20 June2014.
  13. ^"Acquisition of Boardman Bikes will shift gear at Halfords".independent.co.uk.5 June 2014.Retrieved20 June2014.
  14. ^Wood, Zoe (24 May 2016)."Halfords buys Tredz and Wheelies for £18.4m".The Guardian.Retrieved1 June2018.
  15. ^Kemp, Kenny (7 November 2019)."Ayr-based tyre centre chain taken over as part of £9 million acquisition".businessInsider.Retrieved31 August2021.
  16. ^"Halfords to drive business with £9m garage chain deal - Retail Gazette".retailgazette.co.uk.7 November 2019.Retrieved31 August2021.
  17. ^"Halfords to acquire Universal Tyre and Autocentres".am-online.Retrieved31 August2021.
  18. ^"Halfords agrees to acquire National Tyres group for £62m".Business Live.2 December 2021.Retrieved6 February2024.
  19. ^Media, Insider."Halfords acquires 400-strong commercial tyre business".Insider Media Ltd.Retrieved5 October2022.
  20. ^According to theAnnual Report 2009Archived29 August 2014 at theWayback Machine,there were 466 stores including six in Central Europe, and twenty two in Ireland. In 2010, there were 462 shops left, all in the British islands (Halfords Annual Report 2010Archived10 March 2010 at theWayback Machine). This number had grown to 466 in 2013, according to theAnnual ReportArchived29 March 2014 at theWayback Machineof that year.
  21. ^"Halfords seeks 700 technicians & store workers in recruitment drive".retailgazette.co.uk.15 July 2021.Retrieved31 August2021.
  22. ^"ANC-Halfords: The last British team to ride the Tour de France".Cycling Weekly.3 December 2007.Retrieved6 February2024.
  23. ^"Vic Lee Biography".Historic Racing.Retrieved6 February2024.
  24. ^"Team Dynamics to take hiatus from the BTCC".TouringCars.Net.5 April 2023.Retrieved5 April2023.
  25. ^Halfords backs Cooke for GloryCycling Weekly, 8 January 2008
  26. ^Halfords is ready whatever the weather with ITV national weather partnershipHalfords, 16 October 2018
  27. ^Butler, Sarah (6 November 2014)."Halfords to revive Cycle Republic chain".The Guardian.Retrieved6 November2014.
  28. ^Butler, Sarah (6 November 2014)."Halfords to revive Cycle Republic chain".The Guardian.ISSN0261-3077.Retrieved13 September2017.
  29. ^"Catching up with Peter Kimberley, MD of Cycle Republic".Bikebiz.Archived fromthe originalon 24 August 2017.Retrieved13 September2017.
  30. ^"Finance: Cycle Republic".Cycle Republic.Retrieved7 February2019.
  31. ^Enfield, Laura (5 January 2018)."Victoria Pendleton reveals why she is a" fair weather cyclist "at Cycle Republic opening in Canary Wharf".In your area.Retrieved5 January2018.
  32. ^Howells, Kieran."Cycle Republic to sponsor Morvelo Basso for 2018".BikeBiz.Archived fromthe originalon 26 January 2018.Retrieved26 January2018.
  33. ^"Cycle Republic back huge Velo Birmingham event".Greater Birmingham Chambers.Archived fromthe originalon 26 November 2018.Retrieved15 March2017.
  34. ^Morley, Rebecca."Cycle Republic adds Brompton to store lineup".BikeBiz.Archived fromthe originalon 9 February 2019.Retrieved7 February2019.
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