UK bicycle and motoring retail group Halfords has acquired 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 £10-15 million.
Halfords has seen cycling sales rise sharply in the UK, 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,” said Halfords Chief Executive Matt Davies. (The group said the deal did not change guidance for its current fiscal year.)
Halfords already exclusively sells the Boardman Performance Series, which retails up to £1,800, in the UK and Ireland, while a more expensive range – Boardman Elite – is sold at independent bicycle dealers (IBDs) in key markets such as Britain and the United States.
It is understood that the premium Elite offering is also included in the deal. According to reports, Halfords does not currently plan to bring the higher priced Boardman Elite range in store. This puts the higher-end range in an interesting predicament, with IBDs currently stocking a Boardman brand that is now owned by a competitor retailer.
Boardman Bikes has started to build a following in the global tri community following a number of high profile athlete sponsorships. In February 2014, Boardman confirmed the signing of two world-class American triathletes in Meredith Kessler and ‘Doc’ Amanda Stevens. Meredith and Amanda joined Pete Jacobs, Alistair and Jonny Brownlee alongside Drew Scott and Kyle Leto on the roster of Boardman sponsored triathletes.
In tandem with a sustained push into the triathlon marketplace, Boardman has been steadily building a footing in the cycle category via a series of sponsor tie-ups. Most recently, the UK bike and motoring retailer was confirmed as the Official Mechanics Partner for the 2014 Sky Ride Big Bike events, which take place on traffic free streets in 14 towns and cities nationwide across the UK and started in Plymouth on 25 May.
www.boardmanbikes.com
www.halfords.co.uk
