Halfords takes over Boardman Bikes for undisclosed sum

Chris Boardman won gold at the 1992 Barcelona Olympics

The cycling business run by former Olympic champion Chris Boardman has been bought by the UK bicycle and car parts retailer Halfords.

Chris Boardman has been designing Boardman Performance Series bicycles for Halfords since 2007.

Halfords would not disclose the value of the deal, but it's thought to be worth around £15m ($25m).

Chris Boardman, who won a gold medal at the 1992 Barcelona Olympics, will remain as chairman and design director.

Boardman Bikes and Boardman International were set up ten years ago.

"This step will take the brand to the next level and their backing will allow us to further develop our research & development and extend our award-winning cycling ranges," he said.

Bike sales accelerate

Bicycle sales have sharply increased in recent years, thanks to the success of a number of British cyclists, including Sir Chris Hoy, Sir Bradley Wiggins and Victoria Pendleton.

Models in the Boardman Performance Series sell for up to £1,800. More expensive bicycles in the Boardman Elite Series are sold at independent retailers in the UK and US.

Worcestershire-based Halfords said it has no plans to sell the higher priced models in its stores.

The chief executive of Halfords, Matt Davies, said: "We have worked with Chris and his team since 2007; they have created one of the most important, fastest-growing and successful brands in UK cycling. We look forward to a continuation of the growth that both Boardman and Halfords have enjoyed with such a strong brand."

Halfords said the deal would not change the guidance on its finances for its current fiscal year.