Halfords acquires Universal Tyre and Autocentres for £15m

Halfords has announced it has reached an agreement to acquire Universal Tyre and Autocentres (Universal) for a consideration of £15m.

Universal operates out of 20 sites and 89 commercial vans operating in the South East and on the east coast of the UK with specialism in tyre services and general car maintenance and repairs such as brakes, servicing and MOT.

Approximately £9m of the purchase price relates to the acquisition of real-estate and the net cash position of the business, with the remaining £6m paying for the underlying trading business. The group added that it intends to sell and lease back the property within the next few months.

Following the transaction, Halfords will now have 374 garages, 185 Commercial vans, and 136 Halfords mobile expert vans operating in its autocentres business. Combined with the 404 retail stores, the group will now be able to provide motoring services from over 1,000 locations across the country.

Commenting on the acquisition, Graham Stapleton, CEO, said: “We have a clearly stated strategy of building a market-leading Motoring Services offer, and the acquisition of Universal is another important step forward in helping us to achieve that goal.

“We continue to see strong demand for our autocentres, for our expanding fleet of Halfords Mobile Expert vans, and for our growing commercial business. Universal will help us to meet that demand whilst also expanding our geographic footprint in a market for which we see significant potential.”