Halfords takes stake in mobile tyre fitting service
Halfords is to invest up to £8m to take a stake in mobile tyre fitting company TyresOnTheDrive.com.
The investment includes an operating agreement that will see the two companies partner on services and products initiatives.
Jill McDonald, Halfords chief executive, said: “We know that convenience and “do it for me” are increasingly important trends for our customers and this arrangement provides an excellent opportunity for us to explore the extension of our customer offer. The management team at TyresOnTheDrive.com have developed a sophisticated, customer-centric online platform, resulting in a best-in-class customer experience, throughout the journey from ordering through to fitting. We look forward to working closely with the team to enhance services to our respective customers.”
The funding round also saw existing shareholders MMC Ventures and True Capital participate.