Wed, 31 Jan 2024 | BUSINESS SALE
Bond International a tyre wholesaler based in Yorkshire, has accelerated its growth and expansion with a triple acquisition. The firm has acquired Stepgrades Motor Accessories Ltd, which trades as Wholesale Tyres, Birkenshaw Distributors Ltd and McConecheys Commercial Fleet Services.
All three companies have been acquired from Halfords Group in a deal that also sees Bond International partner with Halfords to distribute tyres to their entire network. The acquisitions form part of the company’s plan to grow its turnover to more than £500 million by 2026.
From 2017 to 2022, Bond International more than doubled its turnover to £300 million and increased its workforce from 331 to more than 750. This growth was boosted by the acquisition of new sites in Chepstow, Tamworth and Bracknell. As a result of its growth, the company last year announced revised plans for a proposed new head office at its Pocklington site.
Commenting on the company’s latest acquisitions, Bond International Chief Executive Charlie Bond said: "These acquisitions will have a significant impact on our growth in 2024 and beyond. They are part of a longer-term plan that will see the business exceed £500m turnover by 2026.”
"The growth we have experienced since 2019 is phenomenal, our turnover back then was just £181m. The main reason for this growth is the new board of directors formed in 2019, and the strategic plan we put in place. The new board has the knowledge and skills to be able to carry out the plan, we have strong managers and a highly skilled workforce throughout all areas of the company, and the business is now seeing the rewards of its efforts.”
Bond added that the company was using its growth to further invest in its infrastructure, enabling it to improve its services for customers across the UK.
Read about M&A trends in the UK's automotive sector
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