Halfords Group plc
About the Client
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%.
About the deal
GP Bullhound 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. 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.
“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.”
“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.”