Halfords has acquired bicycle manufacturer Boardman Bikes in a deal understood to be worth up to £15m.

Halfords has taken over the British company, including its international wholesale division, through which it sells to a wide network of independent retailers in 13 overseas markets.

The auto accessories and bicycle retailer already has an exclusive arrangement with Boardman to sell its Performance Series in the UK and Republic of Ireland, for which it makes royalty payments as part of the deal.

Halfords chief executive Matt Davies said: “We have worked with Chris [Boardman] and his team since 2007; they have created one of the most important, fastest-growing and successful brands in UK cycling. We look forward to a continuation of the growth that both Boardman and Halfords have enjoyed with such a strong brand”.

Boardman, which also makes the Elite Series, produces around 100,000 bikes per year. Halfords has said that the business will remain a “standalone entity”, with founder Chris Boardman remaining in place as chairman and design director, and managing director Andy Smallwood also keeping his position.

Chris Boardman said: “On behalf of Boardman Bikes I am delighted by today’s news. We look forward to building on the success we have had to date with independent retailers, in international markets and with Halfords. This step will take the brand to the next level and their backing will allow us to further develop our research and development and extend our award-winning cycling ranges”.