CVC gearing up for Halfords exit

Halfords owner CVC Capital is preparing for a spring exit from the car parts and cycles business it acquired 18 months ago.

No deal is expected before the retailer's financial year-end in April, but CVC is believed to be considering an IPO, trade sale or secondary MBO.

CVC acquired Halfords from Boots for£427 million in July 2002. Last month, chief executive David Hamid outlined an ambitious roadmap for growth, with plans to target 70 superstore and 200 high street locations, but would not be drawn on CVC's exit timetable.