UK's Halfords snaps up Boardman Bikes

LONDON, June 4 (Reuters) - Bicycles-to-car-parts groupHalfords on Wednesday said it had bought Boardman Bikes,the range founded by British Olympic gold medallist ChrisBoardman.

Halfords declined to comment on the price paid for thebusiness but a source close to the company told Reuters the dealwas worth between 10 and 15 million pounds ($25 million).

Halfords has seen cycling sales rise sharply as the sport'spopularity has grown on the back of British successes in theLondon 2012 Olympics and the Tour de France.

To take further advantage it has broadened its model range,particularly for women and young cyclists, and is selling moreclothing and accessories.

"Our investment in Boardman Bikes, which have been ridden bymultiple Olympic and world champions, demonstrates our growingposition as a specialist cycling retailer," Halfords chiefexecutive Matt Davies said in a statement.

Halfords already exclusively sells the Boardman PerformanceSeries, which go for up to 1,800 pounds, in the UK and Ireland,while a more expensive series is sold at independent retailersboth in Britain and the United States.

It does not currently plan to bring the higher priced rangein store.

The group said the deal did not change guidance for itscurrent fiscal year. Shares in the firm were down 1 percent to491.7 pence at 1133 GMT.

($1 = 0.5974 British Pounds) (Reporting by Neil Maidment, Editing by Paul Sandle)

Halfords