Sep 7, 2022
Halfords boosted by servicing needs of UK’s ageing car fleet
Higher demand for MOTs, tyres and exhausts for older cars has boosted Halfords, helping to offset slowing sales and supply chain difficulties at its cycling business. Cycling sales boomed during the pandemic, as the government provided financial incentives to encourage take-up, but the big change for Halfords has been the growth in service-related revenues. Services overall, including the cycling side of the business, now account for just over two-fifths of group sales, almost double the proportion three years ago. In response to the rising cost of living, Halfords is cutting prices on more than 2,000 motoring-related product lines and offering free MOTs - the compulsory annual roadworthiness test for UK vehicles more than three years old - to 10,000 employees. Halfords remains the UK's biggest cycling retailer and Stapleton said the sector would "Remain very important" given the government investment in cycling infrastructure and the environmental benefits.
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