TyresOnTheDrive.com has secured up to £8m investment from Halfords, with a minority stake in the business agreed to leverage each other’s capability and expertise.
Disruptive mobile tyre fitting company TyresOnTheDrive.com today announces that it has secured up to £8m investment from Halfords, the UK’s leading retailer of motoring, cycling and leisure products and, through Halfords Autocentres, a leading independent operator in vehicle servicing, maintenance and repairs. The investment comes with an operating agreement in which the two companies will work on a number of initiatives to enhance the breadth, depth and convenience of the services and products available to their customers. Existing shareholders MMC Ventures and True Capital also participated in this funding round.
TyresOnTheDrive.com Chairman, Robert Gorrie, commented: “This is a very exciting opportunity for both Halfords and TyresOnTheDrive.com. It is a significant endorsement of the business we are building at TyresOnTheDrive.com. Our disruptive, nimble, online and mobile fitting focused tyre business can benefit from and also provide benefit to Halfords in ways that will deliver considerable customer benefit for both businesses.”
Jill McDonald, Halfords Chief Executive, added: “We are delighted to announce this arrangement with TyresOnTheDrive.com, which fits well with our strategy to develop service-led sales. 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.”