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Name change as Halfords buys Nationwide Autocentres

Date: 18 February 2010

Halfords has acquired maintenance and repair network Nationwide Autocentres for £73.2m.

Nationwide will be rebranded as Halfords Autocentres and its existing management team will remain within the group.

The company intends to establish almost double in size, with another 200 centres planned to add to the 224 already operating, creating over 1000 jobs.

Halfords said further growth opportunities "are anticipated from cross-marketing of the group's complementary customer base".

Nationwide's pre-tax profit has grown by 70% over the past four years and for 2009 year-end is expected to be £10.1m from revenues of £97m.

The rebranded business hopes to double this to £20m in its third year of ownership.

Halfords chief executive David Wild said: "Our expansion into the adjacent car servicing and repair market is an exciting and logical move for Halfords. Car maintenance is a large and highly attractive sector where there is increasing demand from motorists for reliable service at affordable prices. Nationwide is a high quality business and represents an opportunity for significant growth.

He added: "We have grown strongly in this market through the provision of expert advice and our "wefit" services, and Halfords Autocentres will complement our retail business closely. Customers trust the Halfords brand and we are sure that a national chain offering great service and MOTs at fair prices will be both popular and successful."

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