Halfords Share Discussion Threads

[argylerich] 20/11/2023 19:18

Why are you still invested in HFD kendo? You've done nowt but moan about it for 10 years 🤣🤣

[kendonagasaki] 20/11/2023 18:54

Imo HfD will need to get at least 2 quarters of positive results if they wish to rebuke any current bid or bids.Then the interested parties may wish to go hostile, but do not hold ones breath just yet...Also my son in law informs e that they have hired a new Retail Director a one Karl Plank.Never heard of him but my son in law has and informs me he is a total and utter moron.Source from his M&S days of debacle.Ho hum... HFD go through a Director of Retail every 15 months like clock work anyhow.Graham Stapleton does not seem to run a tight ship when it comes to keeping quiet about mergers and takeovers does he??I wonder what he told his staff about the news today.PLEASE LET ME EARN MORE MONEY YOU PLEBS AS I PULL THE RUG FROM BENEATH YOUR FEET!!Or did he try and deny it as a rumour when the takeover panel and commission are already aware of it?My oh my how the mind boggles??This is never going to see 3 quid a share again ever imo.Time to sell and get a proper management team in!!I knew I could smell a sell out.And boy! Does GS know how to sell out his investors?Sell!

[yf23_1] 20/11/2023 17:29

Quelle surprise, HOTC gets taken out for +160%
meanwhile HFD shareprice goes nowhere on merger talks.

[kendonagasaki] 20/11/2023 11:58

As I said it is pretty much a done deal!Someone seems happy to absorb HFDs 680 million debt pile.A merger is not going to make anyone any money except for the CEO of halfords who will be retiring with a healthy kickback when he steps down.

[eigthwonder] 19/11/2023 12:38

REDD management have a good idea about making equity work and valuation IMO. So if they think it is a good idea I think that points to HFD being cheap

[pugugly] 19/11/2023 11:45

At first sight cannot see the synergy -
Very different target markets - Unless aiming to strip out management and some location costs or use HFD to service the vans.

[schofi2] 18/11/2023 17:46

A nil-premium merger!!!!!
I've got big holding in both so it's a no from me unless it can be proved to be a big advantage to both.

[schofi2] 18/11/2023 17:42

Van rental outfit Redde Northgate has made a £1.4bn merger approach for the high street bike and car repair chain Halfords.

It is understood that the pair have held detailed talks about a possible tie-up after Redde Northgate, which owns 130,000 vans and corporate cars in the UK and Spain, made a firm proposal to Halfords.

A City source said Redde Northgate had proposed a nil-premium merger, but the discussions were abandoned because of disagreements over price. The Halfords board is thought to have concluded that any such deal on the terms laid out would have undervalued the company.

However, it is believed that Redde Northgate could mount a fresh bid if the valuation gap between the two sides closes. It is understood that the Takeover Panel was informed of the discussions, which took place in the last few months.

A source close to the negotiations said: “There were discussions about what an integration of the two businesses might look like but there were questions over the valuations of both companies.

“Both share prices weren’t doing fantastically well at the time so there is nothing live at the moment. However, it could come back.”
Founded in 1892, Halfords is one of the most recognisable and biggest names on the high street. It has roughly 12,000 employees, nearly 400 stores, and close to 650 garages providing full repairs, MOT’s and other services. Its annual turnover was £1.6bn last year.

At current values, a nil-premium merger would value the combined company at close to £1.4bn.

With its shares trading at 365p, Redde Northgate has a market cap of £843m. Halford’s shares were changing hands at 234p on Friday, giving it a stock market value of £512m.

Halfords’ share price is up 8pc this year, but 20pc over the last month. Shares in Redde Northgate have fallen 12pc since the beginning of 2023, but have climbed 13pc in the last four weeks.

For the time being, Halfords has its sights set on much smaller targets. The retailer is among the bidders for Wiggle, the online bike chain that collapsed into administration last month.

Redde Northgate was created during the pandemic when van rental specialist Northgate joined forces with Redde, formerly known as Helphire, which sorts accident claims from businesses and company fleets. It went on to snap up the remnants of vehicle repair provider Nationwide Accident Services.

The company’s customers were historically the smaller end of the market but it has added some large corporate clients including Royal Mail, as well as several government departments and local authorities.

Chief executive Martin Ward has said that its customers prefer vehicle rental over ownership because it provides “flexibility over the cost of owning vehicles”.

In recent years, growth at Halfords has increasingly been driven by its network of car garages, which are more profitable than selling bikes. Sales now represent 40pc of total group turnover compared with just 14pc five years ago.

The company’s stated aim is to become “a motoring services-focused business”. It experienced a boom in cycle sales during lockdown but that soon fizzled out.

Halfords used to be owned by pharmacy giant Boots before it was sold to private equity firm CVC in 2002. It returned to the stock market in 2004.

Redde Northgate and Halfords both declined to comment.

[blackhorse23] 14/11/2023 12:23

Added CURY Today

[kendonagasaki] 10/11/2023 18:38

After Xmas we shall see a bid re-emerge. More leverage if results disappoint.It is coming!

[argylerich] 02/11/2023 08:59

I feel sorry for those short... not

[kendonagasaki] 01/11/2023 14:36

The bidder for HFD does.

[argylerich] 01/11/2023 07:40

That's a £50m valuation for Avayler that was barely on the radar until now.

[argylerich] 30/10/2023 13:54

2% of stock out on short. A bit of covering going on? Nice steady rise towards results nethertheless.

[argylerich] 20/10/2023 19:11

Interesting article about the likely effects of EVs on smaller garages i.e. more sector consolidation?

[yump] 17/10/2023 15:26

What a bonkers take on cause and effect and a sad indictment of how poor our basic science teaching is. The share price movement was insignificant in the context of all the other similar movements in the past.

Just because it coincides with a random bit of press doesn’t mean there is any link at all. Certainly not worthy of any comment from HFD.

Unless you’re in the L Ron Hubbard school of thinking.

[eigthwonder] 14/10/2023 14:02

the one party who might have some explaining to do is for Betaville who have now seemingly led their high fee paying subscribers a merry dance three times in a row - that looks like someone using the site to pump and dump.

[kendonagasaki] 13/10/2023 22:41

Let us hope you still think so next week if they let the cat out of the bag.This is HFD we are talking about?

[ashbox] 13/10/2023 18:49

Sorry don’t agree. There was significant price action based on what was said yesterday.

[eigthwonder] 13/10/2023 18:01

It's not poor form to issue nothing if there is nothing to say. Companies can't be expected to comment on every rumour if it is a rumour without fact.

[kendonagasaki] 13/10/2023 16:49

Well thats your Friday 13th today for HFD!

[ashbox] 13/10/2023 15:37

Yes, it's poor form not to have issued a standard RNS either confirming an approach has been made and may lead to an offer or an offer has been rejected. The rumour is in the public domain and had a significant impact on the share price yesterday and today.

[liam1om] 13/10/2023 14:17

What's the odds that this story was just released to create volume, enabling someone to close out before a profit warning next week?

[kendonagasaki] 13/10/2023 12:50

So true!They could have at least issued an RNS.Confirming or denying rumour?This may remain volatile.

[yump] 13/10/2023 12:04

What on earth is "multiples of premiums" ? Not a financial measure I've ever seen in 40 years of investment.

Halfords paid about 10x ebitda for National (rev 150mln ish) and about 7x ebitda for Lodge.