Halfords has confirmed its acquisition of Tredz Ltd and Wheelies Direct Ltd for a consideration of £18.4 million. The businesses, which generated around £32 million sales for the year to 28 February 2016, are located in South Wales were both founded by Keith and Michael Jones and employ around 250 staff members. The duo received an initial cash consideration of £18.4 million with the balance geared to performance during the current year. Tredz focuses on online sales of quality bikes and parts, accessories and clothing, with Wheelies supply bike replacements for insurance companies.
Keith Jones, group managing director of Tredz and Wheelies commented “We are very proud of the businesses that we’ve grown from a small shop twenty seven years ago into a strong operator in the premium cycling market with a team of over 250 people. However, the time has come for us to work with a partner on the next phase of growth. Halfords is exactly what we were looking for. With the support and resources of a large group we look forward to building upon what we have achieved so far to drive long term growth.”
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