UK's Halfords snaps up Boardman Bikes
LONDON (Reuters) - Bicycles-to-car-parts group Halfords on Wednesday said it had bought Boardman Bikes, the range founded by British Olympic gold medallist Chris Boardman.
Halfords declined to comment on the price paid for the business but a source close to the company told Reuters the deal was worth between 10 and 15 million pounds.
Halfords has seen cycling sales rise sharply as the sport's popularity has grown on the back of British successes in the London 2012 Olympics and the Tour de France.
To take further advantage it has broadened its model range, particularly for women and young cyclists, and is selling more clothing and accessories.
"Our investment in Boardman Bikes, which have been ridden by multiple Olympic and world champions, demonstrates our growing position as a specialist cycling retailer," Halfords chief executive Matt Davies said in a statement.
Halfords already exclusively sells the Boardman Performance Series, which go for up to 1,800 pounds, in the UK and Ireland, while a more expensive series is sold at independent retailers both in Britain and the United States.
It does not currently plan to bring the higher priced range in store.
The group said the deal did not change guidance for its current fiscal year. Shares in the firm were down 1 percent to 491.7 pence at 12.33 p.m. BST.
(Reporting by Neil Maidment, Editing by Paul Sandle)
