Harper Macleod is delighted to have advised Halfords on the acquisition of McConechy's Tyre Service Limited, one of the largest independent garage chains in the UK.
The acquired business is made up of 60 sites and 100 vans across Scotland and the north of England, providing tyre fitting and vehicle servicing, maintenance and repair for both retail and commercial vehicles.
McConechy's employed over 330 skilled colleagues, providing in garage services alongside a 24-hour breakdown service for commercial customers. The McConechy's portfolio meant that around 10 million customers could reach a branch within a 25-minute drive time.
James MacGregor, Corporate Partner at Harper Macleod who led the firm's team advising on the deal, said: “We are delighted to have worked with Halfords on this strategic acquisition of a successful Scottish family owned business. The deal sees more than 330 people join the Halfords family with Halfords adding a significant number of sites to its established and growing Autocentres business.
"It is encouraging to see transactions of this nature continuing to be successfully completed in the current climate and that our team continues to be involved in high-profile transactions involving recognised household names both buying and selling strong businesses."
The Harper Macleod team also included Corporate Associate Rachel McNeill, with principal transactional support in Real Estate from Partner Chris Noble, Senior Associate Paul Greenhill and Senior Solicitor Rory Paterson, and in Banking from Partner Tony Cameron.
The acquisition supports the growth of Halfords' services proposition, providing customers with motoring services across garages, retail stores and mobile vans. It increases the Halfords services footprint, providing customers with access to over 900 service locations across the UK.
Graham Stapleton, Halfords Chief Executive, said: "We are very excited about this acquisition and I am delighted to welcome McConechy's to the Halfords family. This acquisition is highly complementary to Halfords' service-led strategy, and the addition of McConechy's further strengthens our growing and unique motoring services offer, which includes Autocentres, Halfords Mobile Expert and our weFit services in our stores. The additional garages and vans increase our national presence and takes Halfords to within a 15-minute drivetime to over half of UK households. The vehicle servicing market is a £10bn market, but one which remains highly fragmented, offering significant scope for Halfords' trusted and recognised consumer brand to grow its market share considerably."
This is the latest in a series of large deals that Harper Macleod has advised on recently, including the sale of wind energy business Windhoist Group to European fund manager STAR Capital, and City Property's £646 million funding deals in Glasgow.