The car parts and bicycle retailer Halford says it will rebrand all 224 Nationwide outlets as Halfords Autocentres with plans to open a further 200 centres in the coming years.
Halfords says the demand for its in-store “we fit” services highlighted the opportunity for growth in the car service and repair market.
Halfords chief executive David Wild adds: “Customers trust the Halfords brand and we are sure that a national chain offering great service and MOTs at fair prices will be both popular and successful”.
The acquisition is expected to double earnings before interest and tax to about £20m, Halfords says, adding that the car servicing and repair market is worth about £9bn a year.
The retailer has been looking to grow its business through acquisitions and is a reportedly interested in bidding for outdoor retail chain Blacks Leisure.