TyresontheDrive.com, the mobile tyre replacement service disrupting the UK tyre market, has announced an investment of up to £8m from Halfords.
The deal sees Halfords acquire a minority shareholding in the business and comes with an operating agreement between the two parties that will create a number of initiatives enhancing the services and products available to their customers.
Bruce Macfarlane, MMC Managing Partner, commented:
Existing shareholders including MMC and True Capital also participated in the round. MMC first backed Tyres on the Drive in 2012, since then the company has achieved compound average sales growth of 92%.
You can read more in the Halfords Trading Statement. See press coverage from the Financial Times, Sky News and Tech City News.