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14/08/2002
Halfords to create 25 jobs in Craigavon
The opening of Halfords fourth retail outlet in Craigavon is set to create 25 new jobs in the area.
The 11,000 sq ft store is the latest of the big high street brand names to open premises in the rapidly growing retail superstore complex in the heart of the Craigavon conurbation.
Work on the new store, which is part of the second phase of the Marlborough retail park, started at the end of July. The development by Turkington Holdings
A spokesperson for Halfords confirmed that the store is expected to open in December in time for the Christmas rush.
Halfords existing owners Boots recently announced the sale its shares in Halfords to CVC Capital Partners.
Boots announced in April that it planned to divest the Halfords business through either demerger or sale. Under the terms of the deal up to £427 million is payable, £410 million in cash on completion and a further £17 million payable on achievement of certain sales targets in the period to 31 March 2002.
The sale, which is subject to European Commission approval, is expected to be completed at the end of August.
CVC is acquiring the Halfords chain of 400 stores and the Head Office in Redditch. All 9,800 Halfords employees will transfer with the business.
The Managing Director of CVC, Jonathan Feuer, said the deal was a good opportunity for CVC to acquire a strong retail business with considerable national coverage.
He said they looked forward to "building on business opportunities and implementing a focused strategy for growth".
(SP)
The 11,000 sq ft store is the latest of the big high street brand names to open premises in the rapidly growing retail superstore complex in the heart of the Craigavon conurbation.
Work on the new store, which is part of the second phase of the Marlborough retail park, started at the end of July. The development by Turkington Holdings
A spokesperson for Halfords confirmed that the store is expected to open in December in time for the Christmas rush.
Halfords existing owners Boots recently announced the sale its shares in Halfords to CVC Capital Partners.
Boots announced in April that it planned to divest the Halfords business through either demerger or sale. Under the terms of the deal up to £427 million is payable, £410 million in cash on completion and a further £17 million payable on achievement of certain sales targets in the period to 31 March 2002.
The sale, which is subject to European Commission approval, is expected to be completed at the end of August.
CVC is acquiring the Halfords chain of 400 stores and the Head Office in Redditch. All 9,800 Halfords employees will transfer with the business.
The Managing Director of CVC, Jonathan Feuer, said the deal was a good opportunity for CVC to acquire a strong retail business with considerable national coverage.
He said they looked forward to "building on business opportunities and implementing a focused strategy for growth".
(SP)
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