Bikes and car parts chain Halfords has snapped up the cycling business run by Olympic gold medallist Chris Boardman.
The group will take control of Boardman Bikes and Boardman International, which the racer set up with partners Alan Ingarfield and Sarah Mooney in 2004.
The retailer has a long- standing relationship with the former champion, who has designed the Boardman Performance Series exclusively for Halfords since 2007. The range of these bikes cater for the leisure cyclist to the serious enthusiast and cost between £500 and £2,000.
Halfords declined to comment on the price paid for the business but sources indicated that the deal was worth between £10 million and £15m.
The operations it is buying also include the Boardman Elite Series for world-class athletes, including triathletes Alistair and Jonny Brownlee. These bikes are sold through independent retailers around the world and range from £2,000 to £5,500.
Boardman, who won the individual pursuit gold medal at the 1992 Olympics in Barcelona, had a 10 per cent stake in the business and will remain at the firm as chairman and design director.
In recent years Halfords’ bike sales have benefited from the success of champions such as Sir Chris Hoy, Sir Bradley Wiggins and Victoria Pendleton.
Halfords chief executive Matt Davies said: “Our investment in Boardman Bikes, which have been ridden by multiple Olympic and world champions, demonstrates our growing position as a specialist cycling retailer.”
The group said the deal did not change guidance for its current year.