City & Corporate: Halfords drops CDR to take on Gainsborough

Halfords, the FTSE 250 car accessory and bicycle seller, has ditched Citigate Dewe Rogerson just eight months after the firm handled its £593m IPO.

Halfords corporate and brand PR manager Barbara Cadd confirmed it had hired Gainsborough Communications to run the financial and corporate account last week, following a pitch in which CDR also took part.

Cadd added there were no changes to the financial and IR brief now handled by Gainsborough co-founders Andy Cornelius and Duncan Murray, who worked on the Halfords account before leaving CDR to found Gainsborough last year.

Halfords flotation on 4 June last year made the firm the biggest UK retail stock to be listed for nearly two years. Although its 260p flotation price was at the lower end of its expected 250p to 300p price range, the stock reached a high of 337p towards the middle of last month.

Halfords' core business is selling accessories for cars, such as satellite global positioning systems and audio equipment, and bicycles and bicycle accessories. The company has also diversified into products targeted at families, such as child car seats, and outdoor leisure equipment such as tents.

Halfords is in the middle of a mezzanine conversion programme for most of its 387 stores, 28 of which had opened by last October.

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