Halfords inks £62m deal for automotive servicing business National
Cycling and motoring services giant Halfords has acquired National, the tyre and automotive servicing business in a £62m deal.
National operates under the brands National Tyres and Autocare, Viking Wholesale Tyres and Tyre Shopper.
The deal will mean Halfords is the largest vehicle service, maintenance and repair business in the UK and help the company achieve its strategy to become a motoring services focused business.
Motoring revenue will represent at least 70 per cent of group pro-forma revenue, while services revenue is expected to grow to more than 40 per cent of revenue.
Halfords also said that its garage estate would grow by more than 60 per cent, from 372 to 604 garages.
This will mean the total head count of front line motoring service staff hits 7,500 employees.
There are also accelerated plans to introduce electric capability into the National garage, to help consumers find service points for their electric vehicle.
The company has also inked a deal with specialist tyre supplier and fitter, Iverson Tyres. The company has locations in Chiswick, Hanwell, Northolt and Farnham Common, and employs 24 people.
Graham Stapleton, CEO of Halfords, said: “Given our recent track record of successfully acquiring and integrating businesses, and the potential we see to further grow our motoring services business in other areas of the country, I am very excited about our future growth prospects, and I look forward to welcoming the new teams to the business.”