Halfords has confirmed the purchase of Boardman Bikes for an undisclosed sum believed to be in the region of £15 million.
The firm was founded by former Olympic gold medallist Chris Boardman ten years ago and Boardman has also been working with Halfords on cycle design since 2007.
Halfords, which sells bicycle and car parts, has seen a major upturn in its fortunes over the course of the last few years as cycling has become a more popular pursuit around the country. This growth has been fuelled by the success of sporting icons such as Bradley Wiggins, Chris Froome, Victoria Pendleton and Laura Trott.
Cycling has been one of Great Britain's most successful sports in the Olympics for the last few competitions and this in turn has persuaded more people to travel on two wheels.
Boardman said: "This step will take the brand to the next level and their backing will allow us to further develop our research and development and extend our award-winning cycling ranges."
Halfords stated that the deal for Boardman Bikes is not going to have an impact on its expected financial returns for the current fiscal year. The chief executive of Halfords, Matt Davies, also noted that the most expensive bikes in the Boardman Performance Series and the Boardman Elite Series are not likely to be made available in stores in spite of the deal.
He added: "We have worked with Chris and his team since 2007; they have created one of the most important, fastest-growing and successful brands in UK cycling.
"We look forward to a continuation of the growth that both Boardman and Halfords have enjoyed with such a strong brand."
Investors did not appear to respond positively to the announcement of the Boardman Bikes purchase by Halfords, as the share price of the retailer fell slightly in the early stages of trading on the London Stock Exchange this morning. By 08:38 BST, stocks were down 1.23 per cent.
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