HIGH street retailer Boots has sold its Halfords car parts and bicycle subsidiary to private equity firm CVC Capital Partners for up to £427 million, after years of speculation about its future.

Halfords was regarded as 'non core' by Boots, which only last August sold the Halfords garage servicing business to the AA. The retailing operation has 400 stores, comprised of 330 superstores, 58 high street stores and 12 motorway locations. In the financial year to March 31, 2002 Halfords reported a profit of £54 million on a turnover of £349 million.