Halfords names Wild as new chief executive

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He replaces Ian McLeod, who recently left to run Coles in Australia.

Halfords has been one of the victors of the credit crunch, as people look to fix old cars and bicycles rather than buy new ones.

It has also benefitted from a drop in company-car uptake and an increase in people cycling to work.

Wild spent 18 years at Tesco, latterly as group supply chain director.

He got the top job at Halfords over several internal candidates, including director of trading Paul McClenaghan and finance director Nick Wharton.

Halfords sells one of every three bikes sold in the UK. Sales of roofracks have also been strong, as families take to holidaying within the UK in an attempt to save money.

The company saw profits for the year to the end of March rise by £10 million to £90 million on sales of nearly £800 million.

Wild said of Halfords: "It's a business I have known and admired from the outside for many years.

"Halfords has some very attractive market positions and exciting opportunities for continued growth."