HiQ appoints property agent to aid ‘ambitious’ network growth plans

Wednesday 21st May 2014 | 0 Comments

HiQ has hired property agent CPBigwood to identify new sites as it seeks to increase its number of branches. HiQ retail director Farrell Dolan told Tyrepress: “Our growth plans for our network are ambitious, but we are in the process of developing a new retail model that will make it easier for prospective franchisees to join the HiQ network. We anticipate that the launch of this model will see the rapid growth of our footprint over the next couple of years. As a consequence we appointed CPBigwood to undertake a property search to identify sites to facilitate this expansion.”

Steve Bott of CPBigwood’s commercial team added: “We are seeking roadside locations, for preference, and buildings of 2,500 to 10,000 sq ft. HiQ are also prepared to share with complementary businesses where there is a good fit.” The agent also revealed that it is looking for sites in Gloucester, Leicester, Newport, north Birmingham, Solihull and Swansea.

With 127 centres, HiQ is the fourth largest UK retailer in the UK, as ranked in the Tyre Retail section of May’s Tyres & Accessories. Dolan told T&A that the attrition of four branches from the preceding year’s survey “hides a significant growth story”. 2013 represented significant “strategic realignment” changes, with “29 outlets that were no longer representative of the franchise model we wanted to take to the market” divested, and 25 new centres added.

“Within that 25, it is a 50/50 split between brand new franchisees and fast-fit independents joining our HiQ network. This was a real endorsement of our refreshed franchise model – with this level of take-up clearly indicating it appeals to the fast-fit industry and the broader franchise market.”

HiQ told T&A that more details of the strategic expansion will be discussed later in 2014.

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Category: Company News, UK News