LONDON — Car parts retailer Halfords has paid £8 million for a minority stake in TyresOnTheDrive, a startup which sells and fits new tyres at your home or workplace.
The two have come to an operating agreement, meaning Halfords will trial providing mobile tyre fitting through TyresOnTheDrive as part of its motoring services.
Cheshire-based TyresOnTheDrive was founded in 2011 by Dominic Clark, a former Michelin brand manager who grew “frustrated” with the auto industry and set up his own platform. The startup allows customers to find tyres through its site, then arrange for a fitting the next day.
Existing investors True Capital and MMC Ventures also participated in the funding round.
TyresOnTheDrive.com chairman Robert Gorrie said: “This is a very exciting opportunity for both Halfords and TyresOnTheDrive.com. It is a significant endorsement of the business we are building at TyresOnTheDrive.com. Our disruptive, nimble, online and mobile fitting focused tyre business can benefit from and also provide benefit to Halfords in ways that will deliver considerable customer benefit for both businesses.”