Halfords to start selling used bikes Business

Halfords are getting into the increasingly lucrative second-hand bike market, offering customers up to £250 for their unwanted two-wheelers.

The company estimates there are 7 million bikes slowly rusting in UK sheds and garages. She plans to remake them and then sell them from her store network after a successful trial of the service.

The pandemic has encouraged some commuters to avoid public transport, leading to a surge in car and bike purchases.

Like many items, the cost of new bikes has increased due to soaring steel and shipping prices. Late last year, Halfords said it was short of some models following production problems at factories affected by Covid, a lack of lorry drivers and disruptions to shipping.

The Halfords program is for bike owners who upgrade their bikes, with payment for their bike being made in the form of store credit.

Graham Stapleton, the retailer’s managing director, said: “With such high demand for bicycles, well-publicized supply chain constraints and a cost of living crisis on the horizon, it can’t be fair that there are still as many bikes in perfect condition. pick up dust in sheds and garages.

Rising prices mean the value of the bike market has ballooned during the pandemic to reach £2.3bn in 2020, up 45% on the previous year. Halfords bike sales were up 54% for its financial year to June.

The company is betting that would-be riders will be more comfortable buying a used bike from a big-box chain than from an online marketplace or social media, where most can be found.

According to Mintel market research, almost a quarter of those who bought a bike last year bought a second-hand model, up from 17% in 2020.

Halfords plans to buy conventional bikes rather than electric models. The higher price of bikes and the swell of new cyclists combined with more streets designated as low-traffic areas have also led to an increase in theft, with 86% more bikes stolen in one London borough l last year as gangs stole bikes locked outside homes.