// Halfords to buy out Universal Tyre and Autocentres in a £15m deal
// Universal Tyre and Autocentres has 20 sites and 89 commercial vans operating in the South East and on the east coast of the UK
Halfords has announced it will acquire motoring services provider Universal Tyre and Autocentres in a £15 million deal.
The cycling retailer said around £9 million of the purchase price will relate to its acquisition of real-estate and the net cash position of the business.
The remaining £6 million will pay for the underlying trading business.
Halfords will sell and lease back the property within the next few months.
Universal Tyre and Autocentres has 20 sites and 89 commercial vans operating in the South East and on the east coast of the UK.
Halfords expects to report revenue of over £31 million and EBITDA in excess of £1.5 million for the year to December 31, 2020.
The acquisition is expected to allow Halfords to move one step closer to having over 550 garages in the UK.
The retailer currently has 374 garages, 185 commercial vans and 136 Halfords Mobile Expert vans operating in its autocentres business.
“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,” Halfords chief executive Graham Stapleton said.
“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.”