Boots Drops Price to Dispose of Auto and Bike Unit

26 July 2002

Boots, Britain's largest pharmacy, health and beauty retailer, has finally succeeded in unloading its unwanted Halfords unit for a sum in excess of £350 million ($551.91m; €552.35m).

The buyer, a low profile private equity group CVU Europe, enjoys a bargain-basement price – up to £100m less than expected – thanks to the 28% plummet in stock values since Boots announced the intended ‘demerger’ on April 17.

Halfords, with around four hundred auto parts and bicycle outlets, posted profits of £54m in the year to March 31.

Data sourced from: Financial Times; additional content by WARC staff