REDDITCH based Halfords is to close both its Boardman Performance Centre in Evesham and Cycle Republic outlets putting 226 jobs at risk.
The announcement was made this morning, Monday, March 16, and comes following a strategic review.
In a statement the company says: “The proposed closure of Cycle Republic reflects the challenging economics of a store-based dedicated performance cycling operation.
“Exiting a low-returning, stock intensive business allows us to improve our return on capital whilst freeing up investment and resources to continue to drive our services-focused strategy, with an emphasis on accelerating the growth of our motoring businesses.”
Its Boardman Performance Centre in Evesham was opened by Olympic gold medallist Chris Boardman and has been a mecca for cyclists training for top events.
Halfords says attention will focus on pushing Tredz – acquired in 2016 – a mainly online performance orientated cycling arm which it says is better positioned to tap into the enthusiast market.
Consultation has started with the 226 staff affected by the proposals with a view to mitigating redundancies where possible.
In a statement Halford chief executive Graham Stapleton said: “The board has come to the difficult, but necessary, decision to propose the closure of Cycle Republic, our retail store-focused performance cycling brand.
“This proposal is not a reflection of the hard work of our Cycle Republic colleagues, who I would like to thank for their commitment and passion in serving our customers.
“Going forward we propose to focus our investment and resources in Halfords and Tredz, through which we will deliver market-leading specialist propositions for both mainstream and enthusiast cyclists via a business model that improves our overall economics.”
Halfords has 22 Cycle Republic outlets, the nearest one is in Birmingham.
