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Halfords (HFD), Britain’s largest cycling retailer, has seen its share price jump in Monday trading after the British government identified cycling as preferable to public transport.
With 450 repair centres and a strong presence in the world of e-scooters, investors have flocked to the firm. By mid-morning Monday trading Halfords’ share price stands up 22.4 per cent at 185.40 pence.
Halfords Group PLC
While the lockdowns imposed to limit the spread of Covid-19 have had an haemorrhaging effect on most of Britain’s economy, Halfords’ share price has gained over 9.5 per cent on the year to date and over 103.5 per cent in the past month.
Such success provided it with the ability to launch its latest campaign. The company announced on Monday its intention to provide free ‘32-point’ maintenance checks for the seven million Britons with unused and neglected bicycles in their garages.
The British government is seemingly looking to use the ongoing crisis as a springboard to encourage greater adoption of cycling. At the end of last week Transport Secretary Grant Shapps announced what he dubbed a “once in a generation” £2bn ($2.4bn, €2.3bn) plan to boost both cycling and walking during and after the lockdown.
In a second address to the nation, Prime Minister Boris Johnson announced on Sunday evening a slight amendment to current lockdown measures; with people allowed “unlimited” time outdoors, a new Covid alert system, increased fines for breaching social distancing rules and the recommendation that workers who cannot work from home “should go to work.”
Mr Johnson stated: “We want it to be safe for you to get to work. So you should avoid public transport if at all possible, because we must and will maintain social distancing, and capacity will therefore be limited.”
While many welcomed the first outline of a return to normality, the Prime Minister’s speech has been criticised by some as unclear. Others have complained that the government has shifted the justification for the lockdown from ensuring the NHS has not been excessively overwhelmed to now eradicating the virus.
London’s NHS Nightingale hospital, which has space for 4,000 patients, has been mothballed since last week, having only treated 51 patients.
