Halfords

Last updated

Halfords
Company type Public
(LSE:  HFD)
IndustryAutomotive Services
Founded1892;132 years ago (1892)
Founder Frederick 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 seats etc.
ServicesCar servicing, bike repair, vehicle part fitting, basic audio and dash-cam installations.
RevenueIncrease2.svg £1,593.5 (2023) [1]
Decrease2.svg £63.6 (2023) [1]
Decrease2.svg £34.0 (2023) [1]
Number of employees
12,901 (2023) [1]
Subsidiaries Halfords Autocentre
Boardman Bikes Ltd.
Tyres on the Drive
Website www.halfords.com

Halfords Group PLC is a UK retailer of motoring and cycling products and services. Through Halfords Autocentre, they provide vehicle servicing, MOT, maintenance and repairs in the United Kingdom. [2]

Contents

Halfords Group is listed on the London Stock Exchange.

History

A Halfords in Kirkstall, Leeds (2006) Halfords store, Savins Mill Way, Kirkstall - geograph.org.uk - 160728.jpg
A Halfords in Kirkstall, Leeds (2006)

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

Halfords opened its two hundredth store in 1931, and purchased the Birmingham Bicycle Company in 1945. [3] It opened its three hundredth store in 1968. [3] The company became a part of Burmah Oil in 1965, following a takeover battle between Burmah and Smiths Industries. [3]

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

Halfords was taken over by CVC Capital Partners in July 2003 [3] and, in June 2004, it was floated on the London Stock Exchange. [3]

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

Halfords entered into a Collaboration Agreement with Autobacs 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 of Super GT and D1 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 in Central Europe in June 2007, in a village near Prague. In the next two years, it opened five more stores in the Czech Republic and one in Poland (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 chain Nationwide Autocentre MOT from private equity firm Phoenix. As of February2024, there are over 250 garages branded Halfords Autocentre, providing MOTs, car repairs and servicing. [11]

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

Halfords acquired Swansea based Tredz 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 chain National Tyres and Autocare for £62m. [18]

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

Operations

Since 2010, Halfords Retail has operated around 465 stores, of which about 22 are in the Republic 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

In 1987, Halfords sponsored the team of Professional Road Cycling, ANC Halfords, and that year, entered the Tour 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 of British Touring Car Championship for the 2002 season, partnering with Vic Lee Racing to sponsor its bright orange Peugeot 406 Coupé cars. [23]

When VLR's efforts to make the grid in 2004 fell through, Halfords switched allegiance to Team Dynamics, sponsoring Matt Neal and Dan 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 with Gordon 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 by Nicole Cooke. [25]

Halfords announces a 15 month partnership to sponsor ITV National Weather from October 2018. [26]

Cycle Republic

In November 2014, Halfords announced it was going to revive its Cycle Republic chain 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 in London, 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, including Etape Loch Ness, Palace2Palace and Velo Birmingham. [33] The company announced a new, strategic partnership with the folding bike manufacturer Brompton, in the end of 2018. [34]

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References

  1. 1 2 3 4 "Annual Report 2023" (PDF). Halfords. Retrieved 15 February 2024.
  2. ↑ "Halfords Autocentres reports 89.6% increase in pre-tax profit - next stop 'market leadership'". Tyrepress. 23 June 2021. Retrieved 31 August 2021.
  3. 1 2 3 4 5 6 7 8 9 "And it's all thanks to a passion for a penny-farthing bicycle". London: Times Online. 30 May 2005. Retrieved 5 June 2007.
  4. ↑ "Boots to send Halfords off on its bike". telegraph.co.uk. 18 April 2002. Retrieved 8 September 2020.
  5. ↑ "Halfords change of style benefits Barnado's". Retail Bulletin. 18 February 2003. Archived from the original on 19 April 2016. Retrieved 9 April 2016.
  6. ↑ "Announcement of Collaboration Agreement with Halfords Group plc". Autobacs Seven Co. Archived from the original on 28 September 2007. Retrieved 5 June 2007.
  7. ↑ "Manabu Orido announces Super GT Sabbatical after departing JLOC". Super GT World. 5 March 2018. Retrieved 16 March 2019.
  8. ↑ "Announcement of Acquisition of Stocks of Halfords Group plc". Autobacs Seven Co. Archived from the original on 28 September 2007. Retrieved 5 June 2007.
  9. ↑ Thompson, James (6 June 2008). "Halfords looking to branch out into Central Europe as sales buck downward trend". London: Independent Online . Retrieved 13 June 2008.
  10. ↑ "Halfords leaving Czech Rep and Poland after three years, focusing on domestic market". Autofox. 23 March 2010. Retrieved 25 August 2014. See also links on the bottom of that article; see also James Moore (24 March 2010). "Investment Column: Halfords rides away from central Europe". The Independent. Retrieved 25 August 2014.
  11. ↑ Halfords buys car servicing firm Nationwide Autocentres BBC 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. Retrieved 20 June 2014.
  13. ↑ "Acquisition of Boardman Bikes will shift gear at Halfords". independent.co.uk. 5 June 2014. Retrieved 20 June 2014.
  14. ↑ Wood, Zoe (24 May 2016). "Halfords buys Tredz and Wheelies for £18.4m". The Guardian. Retrieved 1 June 2018.
  15. ↑ Kemp, Kenny (7 November 2019). "Ayr-based tyre centre chain taken over as part of £9 million acquisition". businessInsider. Retrieved 31 August 2021.
  16. ↑ "Halfords to drive business with £9m garage chain deal - Retail Gazette". www.retailgazette.co.uk. 7 November 2019. Retrieved 31 August 2021.
  17. ↑ "Halfords to acquire Universal Tyre and Autocentres". www.am-online.com. Retrieved 31 August 2021.
  18. ↑ "Halfords agrees to acquire National Tyres group for £62m". Business Live. 2 December 2021. Retrieved 6 February 2024.
  19. ↑ Media, Insider. "Halfords acquires 400-strong commercial tyre business". Insider Media Ltd. Retrieved 5 October 2022.
  20. ↑ According to the Annual Report 2009 Archived 29 August 2014 at the Wayback 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 2010 Archived 10 March 2010 at the Wayback Machine ). This number had grown to 466 in 2013, according to the Annual Report Archived 29 March 2014 at the Wayback Machine of that year.
  21. ↑ "Halfords seeks 700 technicians & store workers in recruitment drive". www.retailgazette.co.uk. 15 July 2021. Retrieved 31 August 2021.
  22. ↑ "ANC-Halfords: The last British team to ride the Tour de France". Cycling Weekly. 3 December 2007. Retrieved 6 February 2024.
  23. ↑ "Vic Lee Biography". Historic Racing. Retrieved 6 February 2024.
  24. ↑ "Team Dynamics to take hiatus from the BTCC". TouringCars.Net. 5 April 2023. Retrieved 5 April 2023.
  25. ↑ Halfords backs Cooke for Glory Cycling Weekly, 8 January 2008
  26. ↑ Halfords is ready whatever the weather with ITV national weather partnership Halfords, 16 October 2018
  27. ↑ Butler, Sarah (6 November 2014). "Halfords to revive Cycle Republic chain". The Guardian. Retrieved 6 November 2014.
  28. ↑ Butler, Sarah (6 November 2014). "Halfords to revive Cycle Republic chain". The Guardian. ISSN   0261-3077 . Retrieved 13 September 2017.
  29. ↑ "Catching up with Peter Kimberley, MD of Cycle Republic". Bikebiz. Archived from the original on 24 August 2017. Retrieved 13 September 2017.
  30. ↑ "Finance: Cycle Republic". Cycle Republic. Retrieved 7 February 2019.
  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. Retrieved 5 January 2018.
  32. ↑ Howells, Kieran. "Cycle Republic to sponsor Morvelo Basso for 2018". BikeBiz. Archived from the original on 26 January 2018. Retrieved 26 January 2018.
  33. ↑ "Cycle Republic back huge Velo Birmingham event". Greater Birmingham Chambers. Retrieved 15 March 2017.
  34. ↑ Morley, Rebecca. "Cycle Republic adds Brompton to store lineup". BikeBiz. Retrieved 7 February 2019.
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