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Last Updated: Wednesday, 19 May, 2004, 07:18 GMT 08:18 UK
Halfords plans stock market sale
UK car parts and bicycle chain Halfords has confirmed that it will float its shares on the London Stock Exchange.

The flotation, planned for early June, is expected to give the company a market value of about 900m, although the firm carries about 220m in debt.

Halfords is currently owned by venture capital firm CVC Capital partners.

If the deal goes ahead and finds enough investors, CVC could more than double their 427m investment, paid when they bought the company from Boots in 2002.

Shares will be priced between 250 and 300 pence, and the net proceeds from the sale will be used to repay some of the debt.

Halfords can look back at more than 110 years of company history.

Started in 1892 as a local hardware store in Birmingham, the company now has about 9,000 employees working in 387 stores across the country.

Last year the firm reported an annual turnover of more than 578m.

Its headquarters are in Redditch, Worcestershire.

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