Halfords Acquires Nationwide
Acquiring the Nationwide Autocentres, Halfords has stepped in for car servicing and repairs business. The net deal amount is decided to be £73.2m, by both the companies.
Nationwide would now be known as 'Halfords Autocentres'.
With this Halfords has become the owner of Nationwide's 224 sites across U. K. It is looking forward to extend this chain by adding another 200 outlets to it, thereby raising 1000 jobs.
"Our expansion into the adjacent car servicing and repair market is an exciting and logical move for Halfords. Nationwide is a high quality business and represents an opportunity for significant growth", said David Wild, Halfords' CEO.
Last year, Nationwide had generated revenue of £97 m. Halfords is aiming to get this amount doubled, in the next 3 years.
Halfords further explains that its trading has been in line with internal forecasts and the group remains on course to deliver profit before tax, for the current fiscal year.
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