“This step will take the brand to the next level and their backing will allow us to further develop our research & development and extend our award-winning cycling ranges.”
Last month, Halfords posted a 6.5pc increase in annual like-for-like sales, driven by cycling sales, with pre-tax profits increasing 2.3pc to £72.6m.
Cycling has ballooned as a recreation activity in the UK since Mr Boardman achieved the country’s first gold medal success in decades, helping to lift the sports profile.
According to a recent study by the London School of Economics cycling contributes about £2.9bn to the economy.
"Our investment in Boardman Bikes, which have been ridden by multiple Olympic and world champions, demonstrates our growing position as a specialist cycling retailer,” said Matt Davies, chief executive of Halfords.
“We have worked with Chris 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."
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