Slaughter and May is advising Halfords Group plc on its cash box placing to institutional investors and its associated offer to retail investors via PrimaryBid (the Placing).
The Placing represents approximately 9.9% of Halfords’ existing share capital (excluding treasury shares) and will raise gross proceeds of approximately £63.3 million. The Placing, the results of which were announced on 2 December 2021, was conducted in part through an accelerated bookbuilding process for institutional investors, with Investec Bank plc and Peel Hunt LLP acting as joint global co-ordinators and bookrunners. Alongside this accelerated bookbuilding process, Halfords made an offer to retail investors in the United Kingdom to participate in the placing via PrimaryBid.
The net proceeds of the placing will be used to part-finance Halfords’ acquisition of Axle Group Holdings Limited (“National”), announced on 1 December 2021, and to enable it maintain future balance sheet flexibility. Axle is a well-established business operating under the National Tyres and Autocare, Viking Wholesale Tyres and Tyre Shopper brands. On completion of the acquisition, National will be integrated into Halfords' Autocentres business.