Halfords saddles up with cycle firms Tredz and Wheelies in £18.4m deal
Halfords has splashed out £18.4 million to acquire two bicycle firms as part of plans to ramp up its online offering in the premium market.
The retailer said on Tuesday that it had snapped up online company Tredz, along with Wheelies, the UK's largest provider of bicycle replacement for insurance companies.
Halfords chief executive Jill McDonald said she continues to "believe in the long-term growth potential of the cycling market".
Combined, the two South Wales-based companies pulled in revenue of £32 million last year and are being sold by founders Keith and Michael Jones.
Some of the brands stocked by Tredz include Giant, Specialized and Avid.
Keith Jones, managing director of Tredz and Wheelies, added: "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."