Founded in Leicester in 1892, Halfords has become a household name as the UK’s leading provider of motoring and cycling products and services, serving customers across the UK through its 392 retail stores. The company is also one of the UK’s leading independent operators in vehicle servicing, maintenance, and repairs through its 589 Autocentre workshops.

Halfords plans to increase investment in the business so it can offer a more convenient and integrated service to its customers. This will involve growing both the Autocentre network and expanding the “Mobile Expert” van fleet to meet customer demand for mobile services at their preferred location. And they are also keen to be seen as “first choice” for the rising number of e-bike and e-scooter users, and drivers of electric vehicles. 

Halfords approached NatWest and its other existing lenders to refinance its £180 million Revolving Credit Facility (RCF) which was due to expire in 2025.

Having been appointed as Lead Arranger, we worked through the terms with Halfords and the other consortium banks. Despite the difficult economic conditions, the existing lender group remained comfortable with Halford’s strategy and strong credit profile and were happy to offer a new £180 million RCF over a 4+1 year term, with NatWest continuing as both a tier 1 lender and operational bank partner.

Jo Hartley, Halfords, said: “We’re delighted to have completed this refinancing which will help us to improve the services we offer to our customers. We’re grateful to all our current lenders for their ongoing support, and particularly to the NatWest team for the role they played as lead arranger on this facility.”

Chris Lewis, Structured Finance, NatWest, said: “We’re delighted to have been able to support Halfords with the refinancing of their RCF. This transaction is another example of our one Bank approach where multiple specialist teams within our bank work closely together to meet the needs of our customers.”

Kim Paterson, Relationship Director, NatWest, said: “It is great to be continuing our support for Halfords and their strategic ambitions, and we look forward to seeing them go from strength to strength.”