REG-Halfords Group PLC Halfords Group PLC: Directorate change

HalfordsAnnouncement

15/04/2025 07:02

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   Halfords Group PLC (HFD)
   Halfords Group PLC: Directorate change

   15-Apr-2025 / 07:00 GMT/BST

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   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE
   7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF
   DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK
   MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
   INFORMATION SERVICE, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN
   THE PUBLIC DOMAIN.

    

   15 April 2025

                               Halfords Group plc

                               Directorate change

                                        

     Appointment of Henry Birch as CEO as Graham Stapleton leaves Halfords
                               after seven years

    

   Halfords, the UK’s leading provider  of motoring and cycling products  and
   services, announces that Graham Stapleton  is stepping down as a  Director
   today and the appointment of Henry Birch as his replacement as Group Chief
   Executive Officer.

   Graham has led Halfords for over  seven years and has successfully  driven
   the business’s strategic change from a cycling and motoring retailer to  a
   leading omnichannel retail and services business. During his tenure annual
   revenues have grown  from £1.1bn to  £1.7bn with more  than half of  Group
   sales now service-related (FY19: 24%). Enabled by a strong balance  sheet,
   further opportunities remain to develop Halfords Motoring Club, which  has
   more than 5m members,  and the Fusion  programme, optimising the  motoring
   services offer.

   Henry Birch  is  the  former  Chief  Executive  of  the  Very  Group,  the
   multi-category retailer,  and was  previously CEO  of Rank  Group Plc  and
   William Hill online.  He has considerable  consumer and retail  experience
   both  online and  multi-site   with  a   strong  record   of  growth   and
   transformation across different sectors  and in leading successful  teams.
   Reflecting Henry’s availability,  he will  join the Board  as Group  Chief
   Executive Officer immediately.

   Today we  have  also issued  a  52-week trading  statement  detailing  our
   performance in  FY25 and  outlook  for FY26.  These demonstrate  both  the
   progress being made in the business and the further optimisation  required
   for success in the difficult macroeconomic environment of today.

   Graham Stapleton said:

   “Following a performance  to be  proud of in  FY25 and  after seven  years
   leading the  transformation  of  Halfords  from  a  cycling  and  motoring
   retailer to an omnichannel motoring services super-specialist, it is  time
   for me  to hand  over  the reins  for the  next  phase of  the  business’s
   evolution. I wish Henry and the team all the best.”

   Keith Williams, Chair, said:

   “Graham has  transformed the  Halfords business  to make  it fit  for  the
   future, leading  it  through  a challenging  period  including  the  Covid
   pandemic and a  global macroeconomic slowdown.  On behalf of  the Board  I
   would like to thank him for his dedication and commitment to the  business
   throughout his tenure.

   The Board is also very pleased to  be welcoming Henry to Halfords. We  are
   very confident that he has the skills and experience to take the  business
   forward in the next phase of its long history.”

   Henry Birch said:

   “I am delighted  to be  joining Halfords and  am excited  for the  journey
   ahead. While the current challenging consumer and economic outlook appears
   unlikely to subside in the short-term, Graham is leaving behind a business
   that is well-positioned for success in the years ahead and I look  forward
   to building on these  strong foundations to  generate long-term value  for
   all our stakeholders.”

    

   The person responsible for releasing this announcement is Tim O’Gorman,
   Company Secretary.

    

   Notes

   Trading Update

   As noted above today we have issued a trading update for the 52 weeks
   ended 28 March 2025 (‘FY25’), which indicates an underlying profit before
   tax around the upper end of the £32m to £37m range communicated in
   January. This statement also contains information on the outlook for FY26.

   Remuneration

   Details of Henry Birch’s remuneration as Group Chief Executive will be set
   out as required in the 2026 Annual Report and Accounts.  His remuneration
   will be in line with the Company's approved Directors' Remuneration
   Policy, and the main elements will be:

   On taking up the position of Group Chief Executive as of 15 April 2025,
   Henry’s basic annual salary will be £650,000. He will be eligible for
   pension contributions of 3% in-line with the wider workforce. 

   He will have the opportunity to earn a maximum of 150% of his basic annual
   salary in annual bonus with one-third deferred into shares for three
   years. He will have a maximum opportunity of 200% of his basic annual
   salary in performance-related long term incentive shares.

   There is no buyout of any remuneration or incentives relating to Henry’s
   previous roles.

   Henry is also a non-executive Director at Vue Entertainment International
   Limited which is an unquoted private company.

   Halfords has a policy which allows the Executive Directors to accept
   directorships of other quoted and unquoted companies and to retain the
   fees paid.  In accordance with the UK Corporate Governance Code, and to
   ensure sufficient time is devoted to their executive role, no Executive
   Director would be permitted to take on more than one non-executive
   directorship in a quoted company or the chairmanship of such a company.

   A statement concerning particulars of payments to Graham in accordance
   with section 430(2B) of the Companies Act 2006 will be published in due
   course. In summary, Graham will receive remuneration in-line with his
   contractual entitlements which includes payment in lieu of his six months'
   notice, starting at the date of this announcement (15th April 2025). He
   will be treated as a good leaver under Halfords' share plans and will
   remain eligible to receive an annual bonus in respect of the 2025
   financial year, subject to satisfaction of applicable performance
   conditions, and an annual bonus in respect of the 2026 financial year,
   subject to satisfaction of applicable performance conditions and pro-rated
   to today's date.

   There are no further disclosures required for the purposes of UKLR 6.4.6R
   and UKLR 6.4.8R.

    

   For further information:

    

   Investors

   Holly  Cassell,   Director   of   Investor   Relations   &   ESG          
    1 investor.relations@halfords.co.uk

   Media

   Rob Greening / Jane Glover, Sodali & Co.       2 halfords@sodali.com 

   Notes to Editors

    

    3 www.halfords.com                              4 www.avayler.com        
     5 www.tredz.co.uk        6 www.halfordscompany.com                     

    

   Halfords is the UK’s leading provider of motoring and cycling services and
   products. Customers shop at 373  Halfords stores, two Performance  Cycling
   stores (trading as Tredz), 542  garages (trading as Halfords  Autocentres,
   McConechy’s, Universal, National Tyres and Lodge Tyre) and have access  to
   280 mobile service vans (trading  as Halfords Mobile Expert and  National)
   and 504  commercial vans.  Customers  can also  shop at  halfords.com  and
   tredz.co.uk for pick up at their  local store or direct home delivery,  as
   well as  booking  garage  services online  at  halfords.com.  Through  its
   subsidiary Avayler, Halfords  also sells the  Group’s bespoke,  internally
   developed software as a SaaS solution  to major clients in the US,  Europe
   and Australia.

    

   Cautionary statement

    

   This report contains  certain forward-looking statements  with respect  to
   the financial condition, results of operations, and businesses of Halfords
   Group plc. These  statements and forecasts  involve risk, uncertainty  and
   assumptions because they  relate to events  and depend upon  circumstances
   that will occur in the  future. There are a  number of factors that  could
   cause actual  results  or developments  to  differ materially  from  those
   expressed  or   implied  by   these  forward-looking   statements.   These
   forward-looking  statements  are  made  only  as  at  the  date  of   this
   announcement. Nothing in this announcement should be construed as a profit
   forecast. Except as required by law, Halfords Group plc has no  obligation
   to update the  forward-looking statements or  to correct any  inaccuracies
   therein.

    

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00B012TP20
   Category Code:  BOA
   TIDM:           HFD
   LEI Code:       54930086FKBWWJIOBI79
   OAM Categories: 2.2. Inside information
   Sequence No.:   382742
   EQS News ID:    2117722


    
   End of Announcement EQS News Service

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References

   Visible links
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   2. mailto:halfords@sodali.com
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