Halfords Group PLC has purchased a minority stake in at-home tyre fitter TyresOnTheDrive for £8m.

European technology investment bank GP Bullhound acted as exclusive financial advisor for the deal, which was described as “a very exciting opportunity”.

Established in 2011, TOTD is a fast-growing operator that fits customers’ tyres at homes or at work, reaching 85 per cent of the UK population.

Since its inception the firm has achieved compound average sales growth of 92 per cent.

Robert Gorrie, Chairman of TOTD, commented: “This investment and agreement is a very exciting opportunity for both Halfords and TyresOnTheDrive.

“It is a significant endorsement of the business we are building at TOTD.

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“As our financial advisor, GP Bullhound provided a professional structure to our fund raising process.

“Their commitment and active engagement with shareholders was a key element in the successful execution of this deal.”

Halfords is the UK’s leading retailer of motoring, cycling and leisure products and, through Halfords Autocentres, and is also one of the UK’s leading independent operators in vehicle servicing, maintenance and repairs.

The deal is GP Bullhound’s 23rd transaction in the last twelve months and further establishes the firm’s expertise in advising e-commerce category leaders.

It follows successful transactions executed for clients such as Mobica, eBecs, Realitymine, Zuto and Sumo Digital.

Managing partner Hugh Campbell said: “GP Bullhound is proud to have advised TyresOnTheDrive on its investment from Halfords.

“It has been a pleasure to work with such a strong management team and investor group.

“This investment represents a very exciting opportunity for the business as it seeks to leverage its strong technology platform alongside a leading company in the sector.

"TOTD is a former winner at our Northern Tech Awards and we are always delighted to see former winners go on to achieve such success.”