Acquisition of Boardman Bikes will shift gear at Halfords

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Halfords took its credibility in the cycling world up a gear with the acquisition of Boardman Bikes, the bicycle brand chaired by Olympic gold medallist Chris Boardman.

The company was launched by Boardman, who sported the Tour de France's yellow jersey in 2007; a host of Olympians, including cyclist Nicole Cooke and triathlete brothers Alistair and Jonathan Brownlee, have taken to its saddles.

Halfords has been selling its products – primarily its Performance series of bicycles, worth up to £1,500, since Boardman Bikes' inception in 2007. Its Elite series of £2,000 to £5,000 bikes, ridden by Olympians, is only sold at independents. It is understood this bar will remain in place.

The bikes-to-car-parts retailer, endorsed by Boardman and Olympian Victoria Pendleton, will no longer have to pay a royalty to Boardman and further investment is expected to be made into developing new bikes, following the deal.

Boardman will continue to be chaired by its namesake, who said: "This step will take the brand to the next level and Halfords' backing will allow us to develop further and extend our award-winning cycling ranges." Matt Davies, the retailer's chief executive, praised it as one of the "fastest-growing and most successful brands in UK cycling".

Halfords last month reported that a 19.4 per cent surge in bicycle sales last year had helped grow profits 1.1 per cent to £72.6m.