Steve Russell, Boots chief executive, said: 'Halfords is an excellent company with a strong management team and a good record of profit growth. I am confident it will thrive as an independent company.' Halfords managing director Rod Scribbins will become chief executive of the business.
Boots acquired Halfords in 1989 and in the financial year to March 2001, Halfords reported a profit of £37 million on a turnover of £509 million. In August 2001 Halfords' garage servicing business was sold to the AA, but the motoring organisation denies being interested in the retail sites.
Halfords now has 400 stores, comprising 330 superstores, 58 high street stores and 12 motorway stores.