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Gloucestershire Business News

Halfords moves nearer target with £15m deal

Halfords has completed a £15million deal for a motoring services provider as it builds towards its target of more than 550 garages in the UK.

The deal for Universal Tyre and Autocentres, which operates 20 sites in the south east and along the east coast, includes around £9million for the real estate and cash position of the business.

The balance is for the underlying trading business.

Halfords chief executive Graham Stapleton 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 at Halfords Mobile Expert vans and for our growing commercial business.

"Universal will help us to meet that demand while also expanding our geographic footprint in a market for which we see significant potential."

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