DIY

Halfords acquires automotive service company for £62m

The acquisition will aim to accelerate Halfords' motoring services strategy surpassing its current target of 550 garages and 200 consumer vans

Halfords has announced the purchase of tyre and automotive servicing company Axle Group Holdings Ltd (National) for a total consideration of £62m.

The consideration will be paid in cash on the date of completion, which is expected to be 9 December 2021.

A further investment of £17m will be made post acquisition on “associated capital expenditure” and £2m on integration costs.

The acquisition will aim to accelerate Halfords’ motoring services strategy surpassing its current target of 550 garages and 200 consumer vans.

Post-completion of the deal, Halfords will have approximately 604 garages, 234 consumer vans and 190 commercial vans. Including retail stores, this will mean a combined total of over 1,400 fixed or mobile motoring services locations.

Graham Stapleton, CEO of Halfords, said: “This acquisition helps cement our position as the UK’s largest vehicle service, maintenance and repair business.

“This increased scale will bring the majority of UK-mainland motorists within a 20-minute drive of a Halfords garage, with even more vans available to provide mobile services at their home or work.”

He added: “I am very excited about our future growth prospects, and I look forward to welcoming the new teams to the business.”

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