Simmons, Slaughters and Blake Morgan advise on Halfords bike shop deal
Trio win roles as UK automotive and cycle retailer buys up smaller cycling retail rivals
May 25, 2016 at 07:34 AM
2 minute read
Simmons & Simmons, Slaughter and May and Blake Morgan have won roles advising as UK motoring and cycling retailer Halfords buys bike businesses Tredz and Wheelies.
Halfords is set to pay an initial cash consideration of £18.4m for the two companies, which were established in Swansea in the 1980s. Tredz and Wheelies collectively reported revenue of £32m for the year ended 29 February 2016.
Halfords general counsel, and former Ashurst solicitor, Tim O'Gorman handled much of the transaction for the buyer.
He was advised by a Simmons & Simmons team of lawyers led by UK corporate head Giles Dennison. Slaughter and May also provided advice to Halfords.
Tredz and Wheelies instructed Blake Morgan for advice. The firm's team on the deal was led by corporate head Robert Cherry, who is based in Cardiff.
Cherry said: "I am confident that, with the ongoing support of that team, the businesses will continue to go from strength to strength under Halfords' ownership. We are grateful for the trust they placed in us to help deliver the deal."
In 2004, Clifford Chance (CC) advised on the flotation of Halfords on the London Stock Exchange. The firm advised the seller, private equity house CVC, on selling half its stake in the business. In 2006, CVC sold its remaining shares in Halfords.
CC fielded a team led by corporate partners Ian Bagshaw, now at White & Case, and Jonathan Beastall, now at Pinsent Masons, alongside private equity head James Baird, who has since retired.
In the past, the cycling retailer has also used DWF, Pinsent Masons and Foot Anstey for legal advice. All three won spots on the company's panel in 2011.
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