Broadway Bought By Traxx Tyres
Less than two weeks after former Grouptyre member Broadway Tyres went into administration, new owner Traxx Tyres has announced its purchase of the company’s assets. Tyres & Accessories understands that Traxx Tyres, which is new to the UK market, is connected to successful tyre wholesaling in Australia. It is fair to say that Traxx has taken the British market by surprise with its first UK acquisition, reportedly outbidding competing offers for Broadway Tyres. Sources close to the negotiations told T&A that Broadway will not be a member of Grouptyre under its new ownership and that instead the national wholesale operation will be running its own logistics operation from High Wycombe in order to maintain continuity of supply to its customers and in competition with Traxx Tyres.
For its part Traxx Tyres describes itself as a “cash rich wholesale tyre operation” which “has not required bank support for this launch.” Although new to the UK, Traxx directors said in a statement that they “have the benefit of many years experience from their global partners and huge knowledge from the Broadway acquisition.” Looking forward Traxx Tyres pledged “complete commitment to the Broadway Tyres customer base, utilising its High Wycombe and Watford facilities to the full.” The company also signalled its intent to “expand into other regions.”