Macintosh Retail Group has agreed to a management led buyout of its struggling Halford’s subsidiary by Managing Director Peter-Jan Stormmesand, who it brought in last year to restructure the company after efforts to sell it failed.
Macintosh will fund the acquisition, which will provide Halfords with a capital base of approximately 30 percent. Stormmesand will assume full control of Halfords effective June 30.
“The sale of Halfords has taken longer than expected, owing to the economic crisis,” said Frank De Moor, CEO of Macintosh Retail Group. “However, we deliberately decided against taking quick action, as this was not in the interest of Halfords. We are pleased to see that Managing Director Peter-Jan Stormmesand, who has gained extensive experience in the automotive sector, is prepared to further shape the future of Halfords. Our involvement will be financial only and will be phased out over the next few years.”
The arrangement will enable Halfords to pursue a restructuring plan launched in the second half of 2012 that aims to improve performance by streamlining its retail network and cutting costs in accordance with a plan launched by Halfords management in the second half of 2012.
Halfords leads the Dutch bicycle, car accessories and bicycle accessories market, specializing in everything for the consumer on the move. Its product range consists of leading brands and private label products at attractive prices. Halfords also provides installation services on site or through its own Superstores. Halfords operates 136 stores in the Netherlands and 2 in Belgium, employing a total of 696 staff.
Halfords’ results are already recognized in Macintosh Retail Group’s income statement under discontinued operations and will remain so through the first half of 2013. Macintosh, which operates more than 1,000 fasion and living stores in the Benelux countries and the United Kingdom, said the transaction will not affect its cash or net results. Further details will be announced when the half-year figures are published on July 25.
Macintosh Retail Group is a large-scale non-food retailer that specializes in the off and online distribution of consumer products in Fashion and Living. Macintosh Retail Group operates more than 1,000 stores in the Benelux and UK. Fashion comprises some 900 shoe stores of Brantano, Dolcis, Invito, Jones Bootmaker, Manfield, PRO 0031, Scapino and Steve Madden in the Benelux and UK. Online shoe platform Intreza and Nea International are also part of the Fashion sector. Living
