Overlay

Inspiring a lifetime of motoring and cycling

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. 

NatWest remains tier 1 lender in new £180 million facility

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.

NatWest’s approach delivers success for customers

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.”

The information provided in this article has been prepared by National Westminster Bank Plc (NatWest) for information purposes only and is subject to change from time to time. The information and views expressed should not be treated as advice or a recommendation of any kind. NatWest makes no representation, warranty, undertaking or assurance of any kind (express or implied) with respect to the adequacy, accuracy, completeness, or reasonableness of the information provided and disclaims all liability for any use you, your affiliates, connected companies, employees, or your advisers make of it. NatWest accepts no liability whatsoever for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

 

Copyright 2024 © National Westminster Bank Plc. All rights reserved.

 

scroll to top