TyresOnTheDrive.com, a Holmes Chaper, UK-based mobile tyre fitting company, secured up to £8m in equity funding.
Backers included strategic investor Halfords*, a UK retailer of motoring, cycling and leisure products and an independent operator in vehicle servicing, maintenance and repairs, as well as existing shareholders MMC Ventures and True Capital. TyresOnTheDrive.com and Halfords also signed an operating agreement in which the two companies will work on a number of initiatives to enhance the services and products available to their customers.
Established in 2011 and led by Chairman Robert Gorrie, TyresOnTheDrive.com offers a system to fit customers’ tyres at home or at work through a professional customer service proposition, based upon an online platform developed in house by an experienced management team. Currently available in Manchester, Birmingham, Leeds, Liverpool and Oxford, the service enables customers to book such services as mobile tyre fitting, puncture repair, and winter tyres while the corporate proposition includes tyre checks, fleet and trade enquiries.
*Halfords will account for TyresOnTheDrive.com as a sub-20% minority investment.