GP Bullhound advises TyresOnTheDrive on its investment from Halfords Group plc
Manchester, 20 January 2017 – GP Bullhound, the European technology investment bank, acted as the exclusive financial advisor to TyresOnTheDrive (“TOTD”) on its £8m investment from Halfords Group plc (HFD) alongside further investment from its existing shareholder base.
Established in 2011, TOTD is a fast-growing operator that fits customers’ tyres at homes or at work, reaching 85% of the UK population. It achieves first class customer service through its convenient and professional proposition, based upon an online platform developed in house by an experienced management team. Since its inception TOTD has achieved compound average sales growth of 92%.
Robert Gorrie, Chairman of TOTD, commented: “This investment and agreement is a very exciting opportunity for both Halfords and TyresOnTheDrive. It is a significant endorsement of the business we are building at TOTD. As our financial advisor, GP Bullhound provided a professional structure to our fund raising process. Their commitment and active engagement with shareholders was a key element in the successful execution of this deal.”
Halfords is the UK’s leading retailer of motoring, cycling and leisure products and, through Halfords Autocentres, is also one of the UK’s leading independent operators in vehicle servicing, maintenance and repairs. Customers shop at 460 Halfords stores and 13 Cycle Republic shops in the UK and Republic of Ireland and at halfords.com for pick-up at their local store or direct home delivery. Halfords Autocentres operates from 313 sites nationally and offers motorists high-quality MOTs, repairs and car servicing at affordable prices. Customers can also shop at three Tredz stores and a Giant store in South Wales as well as online at tredz.co.uk and wheelies.co.uk for cycling products and direct home delivery.
Hugh Campbell, Managing Partner of GP Bullhound commented: “GP Bullhound is proud to have advised TyresOnTheDrive on its investment from Halfords. It has been a pleasure to work with such a strong management team and investor group. This investment represents a very exciting opportunity for the business as it seeks to leverage its strong technology platform alongside a leading company in the sector. TOTD is a former winner at our Northern Tech Awards and we are always delighted to see former winners go on to achieve such success.”
This represents the completion of GP Bullhound’s 23rd transaction in the last twelve months and further establishes the firm’s expertise in advising E-commerce category leaders. This deal is also another example of GP Bullhound’s footprint in the Northern UK Tech ecosystem, following on from successful transactions executed for clients such as Mobica, eBecs, Realitymine, Zuto and Sumo Digital.
For enquiries please contact: Hugh Campbell, Managing Partner, at email@example.com, or Nick Horrocks, Director, at firstname.lastname@example.org.
About GP Bullhound
GP Bullhound is a leading European technology investment bank with a passion for entrepreneurship. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester and Paris. The firm’s advisory team has completed over 240 M&A and Capital transactions to date, working with category leaders including Essence, Avito, Delivery Hero, Fjord, King Digital Entertainment, Pingdom, Innogames, Spotify and many more. Through its principal investment team, GP Bullhound provides institutions, family offices and entrepreneurs with access to some of the most ambitious privately-held technology and media companies in Europe. Furthermore, the firm’s events and speaking activities bring together thousands of Europe’s leading digital entrepreneurs and technology investors throughout the year, and its thought-leading research is read by decision makers globally, and regularly cited in leading newspapers and publications. For more information, please visit www.gpbullhound.com, follow on Twitter @GPBullhound or watch our video here
Established in 2011, TOTD is a fast-growing operator that fits customers’ tyres at homes or at work, reaching 85% of the UK population through its 8 hubs. It achieves first class customer service through its convenient and professional proposition, based upon an online platform developed in house by an experienced management team. Since its inception TOTD has achieved compound average sales growth of 92%. For more details on TOTD and its services visit please visit www.tyresonthedrive.com