Toyo Tires has announced it will again join Micheldever and Protyre at the Goodwood Festival of Speed, which the manufacturer describes as a “key event in the motorsport calendar”. Toyo declared itself proud to be associated with its partners at Goodwaood, since “Micheldever is one of the UK’s leading tyre distributors, which also has its own very successful and ever-expanding retail chain, Protyre”.
Research by Micheldever Tyres Services shows that over 30 per cent of cars coming into the company’s flagship outlet in Hampshire have at least one illegal tyre – up from 19 per cent one year ago. Furthermore, over 80 per cent of cars have badly worn tyres, with a tread depth below 2mm.
BJ Waters (Transport) Ltd., serviced by UK Tyres Direct in Derbyshire, recently awarded GITI Tire (UK) Ltd. the contract to supply tyres for its fleet of vehicles. A family run haulage business dating back to the early 1920’s, the company operate a fleet of over 50 vehicles from its two midland based depots and specialise in bulk tipper movements throughout the UK and Europe.
In addition Hadfields Transport Limited awarded GITI Tire (UK) Ltd. the tyre supply agreement, which is serviced by Pro-Fit Tyres of Oldham. Operating over 50 vehicles from the company’s new purpose built 62,000 square foot warehouse in Miles Platting, Manchester, the company was established in 1906 and specialises in offering a tailor made service.
GITI Tire’s UK operation has launched a new mixed service drive axle tyre specifically designed for “extreme all terrain conditions.” The new directional, M&S marked, GT686 is available now in 295/80R22.5, 315/80R22.5 and 11R22.5 sizes. According to the company, GT686 benefits from an extra deep tread depth and compounding developed to resist cuts and tread tearing and provide excellent self cleaning. Featuring a robust casing construction with sidewall protection, GT686 has been designed to provide excellent grip and deliver a high mileage performance throughout the life of the tyre when used in tough on and off road conditions.
GITI’s latest news follows what the company said was a “very positive” exhibit at the Commercial Vehicle Operator Show in April. It was here that the GT686 was first showcased also making its European debut at the show was the new GDL617, a long haul drive axle pattern available later this year in a variety of sizes. This new pattern features a compact tread design with a “multi-deep sipe arrangement” and reportedly benefiting from “the latest cool running compound technology.”
GITI Tire (UK) Ltd. has appointed Ben Ashton as the expanding team’s finance manager. Ashton qualified as a chartered accountant in 2004 then worked as a project accountant for a private finance initiative company managing the finances for two of the largest hospital projects in the UK. After this he became financial controller of a small group of companies before joining GITI Tire in May 2010.
Micheldever Tyres Services could be for sale for around £115 million, according to a report in Crain’s Manchester Business. This is nearly half the £200 million figure initially associated with the company when press reports about such a move surfaced in the national press in mid-April.
As of 31 December 2009 Micheldever owners Graphite Enterprise Trust (through investment managers Graphite Capital Management) held total assets of £344.6 million of which its investment portfolio accounted for 67.1 per cent (£231.2 million) and cash and near cash accounted for the balance of £113.4 million. According to company documents, Graphite Enterprise’s Micheldever investment is its number one holding, representing the largest single chunk of its investment portfolio in 2009 (5.3 per cent).
Micheldever Tyres Services (MTS) has opened a new distribution centre in Middlesex, North West London. The new site situated in Greenford, Middlesex, will have a storage capacity of over 100,000 tyres, which will according to the company “carry a huge range of patterns and sizes of tyres in all brands to ensure maximum possible availability for the increasingly important same day delivery service.”
MTS wholesale director Alan Baldwin described the opening of the company’s latest warehouse as “Micheldever’s greatest leap forward in customer service since we opened our Halifax warehouse,” adding:
The UK’s largest tyre wholesaler Micheldever Tyre Services (MTS) could be about to change hands for over £200 million, more than twice the price paid for the company when it was sold in an equity-backed management buyout for £85 million in 2006. According to reports published in the 11 April issue of the Sunday Times, the sale would include 50 Protyre depots – Micheldever’s growing retail chain. MTS an annual turnover of £275 million, a roughly 20 per cent market share and employs almost 900 people.
Leading wholesaler Micheldever Tyre Services (MTS) has added the Continental produced General Tire brand’s car range to its existing General 4×4 offering. The addition of the General car range to MTS’s private/exclusive brand portfolio follows the development of General’s 4×4 range into “the UK market’s fastest growing replacement 4×4 brand,” according to Southam Tyres (MTS’s specialist 4×4 wing). According to the company, MTS recently launched the stunning range of General car and van tyres as an exclusive product for tyre retailers in need of a high quality, high margin retail tyre.
Micheldever Tyre Services (MTS) and its Southam specialist 4×4 division reports that it distributed more than three quarters of a million 4×4 tyres in the UK tyre market during the course of 2009. According to company representatives, this means Micheldever is “probably the largest distributor of 4×4 tyres in Europe.” From MTS’ perspective, the largest ongoing growth sector remains mid-range 4×4 product (see “Was Winter of Discontent Good News for 4×4 Market?” elsewhere in this feature for more discussion on this subject), with General, BFGoodrich, Kumho, Falken and Toyo said to be leading the way.
Micheldever Tyre Services and the AA, teamed up with the BBC to produce almost 18 minutes of BBC news coverage on Saturday 31 October. The coverage began on BBC 1, centring on the estimated 3.6 million illegal tyres running on UK roads, and was repeated on BBC News24 and the BBC website.
The BBC Breakfast news team filmed at the Micheldever’s Hampshire site, interviewing CEO Paul Fox, Marc Ainslie and a customer and pointing out the very real dangers of driving on bald or defective tyres.
Micheldever Tyres has appointed logistics services provider Wincanton Plc to set up a direct import and trunking solution for the business. This arrangement will see a portion of an existing Wincanton site in Kettering, Northamptonshire set aside as a ‘direct import centre’ for Micheldever. From here more than 50,000 tyres will be shipped to wholesale distribution centres throughout the UK, which in turn will supply 22 per cent of the national tyre market. According to Wincanton, the new solution will reduce lead-times onto site following arrival at the port plus reduce product movement and handling across the network.
Continued growth at Micheldever Group means the group has jumped to 109th place in the prestigious Sunday Times Top Track 250 list of the most successful mid-market companies. In the past two years the group has jumped by almost 100 places in the Sunday Times list with group sales reaching £259.3 million, up 16 per cent over the previous year. Annual turnover for 2009/10 is forecast to be over £283 million.
The league table, which is co-sponsored by PricewaterhouseCoopers LLP, ranks Britain’s biggest mid-market private companies by their latest sales figures, which range from £592 million to £153 million. In addition to retailers in the automotive business, companies span a wide range of industries from construction to IT and property. Micheldever Group is the only tyre industry player to be placed in this illustrious listing.
Commenting on the group’s performance Paul Fox chief executive said: “We are absolutely delighted to have accelerated up the Sunday Times Top Track 250 list. It is a reflection of the tremendous hard work of our dedicated team of people here at Micheldever set against a very difficult and challenging market. The investment we have made in warehousing, new retail outlets together with systems and procedures have put us at the top of the tyre distribution business.”
Luke Claughton, Micheldever Tyre Services IT and Telecoms Manager has been shortlisted for one of the IT industry’s most prestigious awards. Claughton is a finalist in the Young IT Professional of the Year which will be announced at an industry dinner in London on the 12 November. Luke has been with Micheldever Tyre Services for six years and has been responsible for upgrading and enhancing the company’s IT system.
“We are absolutely delighted that Luke has been shortlisted for this important award”, said Micheldever Tyre Services (MTS) CEO, Paul Fox. “We set very high standards here at MTS and this nomination is a reflection of our staff going that extra mile and exceeding excellence in their particular field and being recognised by their peers. We look forward to Luke bringing home the award next month.”
Protyre has invested more than £700,000 in upgrading its Portsmouth branch – with the new look officially launched by TV motoring presenter Mike Brewer. Protyre area manager Darren Godwin said Protyre has more than doubled the size of the operation with 12 people now working at Portsmouth Protyre. Investment has been focused on increased service bays at the London Road facility with the very latest technology for motorbikes, cars and commercial vehicles up to 3.5 tonnes.
There’s also a larger tyre storage area, dedicated motorbike area and larger customer reception. The company, part of Micheldever Tyre Services, has been operating in the south for more than 50 years.
Mike Brewer is known for presenting Driven on Channel 4, Pulling Power and Wheeler Dealers.
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