EX TYRE FITTER NETS £33m FROM HALFORDS DEAL
A former tyre fitter from Glasgow will earn over £33 million after selling his garage and mobile car repair business to Halfords in a £62 million deal.
Alan Revie (62) began replacing wheels at National Tyres and became a branch manager by the age of 19.
By 2001 he’d risen to become chief executive and soon after bought the business, which includes Viking Wholesale Tyres and Tyre Shopper.
According to The Times, Revie owns a 53.5 per cent stake while other selling shareholders include his wife, Joan, and business partners John Taylor and John Caldwell and their families.
Meanwhile, shares in Halfords rose by 5% on the back of the deal.
The company becomes the biggest vehicle service, maintenance and repair business in the UK.
The purchase of Axle Group Holdings will be paid in cash on the date of completion, which is expected to be 9 December.
Axle Group Holdings has brands including Autocare, Viking Wholesale Tyres, and Tyre Shopper.
Halfords added that its UK garage estate would grow by more than 60%, from 372 to 604 garages.
It also confirmed that a further investment of around £17m will be made post acquisition on associated capital expenditure and about £2m on integration costs.
“I am very excited about our future growth prospects, and I look forward to welcoming the new teams to the business,” Graham Stapleton, chief executive of Halfords, said.
He added: “National has a high quality, UK-wide network of garages and mobile tyre fitting vans, and 1,400 highly skilled colleagues, providing a complementary fit with Halfords’ existing operations.
“Post-acquisition, Halfords will have over 1,400 fixed or mobile motoring services locations, servicing a broad range of vehicles and delivering 7.5 million motoring jobs a year.”
