1st Nov 2023 14:05
(Alliance News) - Halfords Group PLC on Wednesday announced it sold a minority stake in its subsidiary, Avayler Trading Ltd, to Bridgestone Americas Inc.
The Redditch, Worcestershire-based motoring and cycling products retailer also agreed a master commercial agreement with Bridgestone, establishing it as an ongoing client for Avayler's automotive software-as-a-service solutions.
Halfords said it will sell the 5% stake to Nashville-headquartered Bridgestone, the US subsidiary of tyre and rubber company Bridgestone Corp, for cash consideration of USD3 million.
Halfords launched Avayler in July 2021 to help it and other automotive companies operating in multiple locations, such as retail stores and mobile vans, digitalise services like online customer booking and invoicing.
The commercial agreement has an initial 15-year term, and will grant Bridgestone access to Avayler's in-van and garage software products "as well as certain services" while providing for the roll-out of Avayler products across Bridgestone's US van and retail operations.
"Since its launch a little over two years ago, Avayler has been chosen by some of the largest automotive businesses in the world who have immediately realised the compelling value that it can add to their operations," commented Graham Stapleton, chief executive officer at Halford's.
"Today's investment from Bridgestone, one of the world's largest mobility companies with over 3,000 garages and vans under its world-wide operation, is another fantastic endorsement for the platform, and the length and scope of the agreement fuels our confidence in Avayler's long-term potential as we continue to roll it out to more clients around the world."
Shares in Halfords were up 3.1% at 206.80 pence on Wednesday afternoon in London.
By Emma Curzon, Alliance News reporter
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