Halfords has acquired LTC Trading Holdings and Lodge Tyre Company for a consideration of £37.2m. Lodge Tyre operates from 50 garages and a fleet of 240 mobile vans, together employing more than 400 staff.
The deal grows Halfords garage service business to a total of 656 garages, 253 consumer vans, 440 commercial vans and nine warehouses.
Halfords CEO Graham Stapleton commented: “The acquisition of Lodge Tyre is yet another example of Halfords’ strategic aim of becoming a motoring services-focused business, and will mean that motoring accounts for over three-quarters of our total revenue. The current trading environment reinforces the rationale for building ever-more resilient, needs-based revenue streams, which is exactly what the motoring category offers. Within that, the nature of the commercial tyre market means that it is non-discretionary and therefore well insulated against macroeconomic uncertainty.”
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