Dave Evans, PR manager for Halfords, said his company would not be contributing to the Cycle Industry Fund, "but will watch its developments with interest."
He said Halfords - recently seen on telly with the infamous chimp ads - is already one of the largest investors in the marketing of cycling.
"Our marketing and sponsorship activities include placing bikes on mainstream television
advertising, supporting enthusiast racing, sponsoring teams and events, and promoting mainstream cycling through our partnerships with Sustrans.
"It is due to Halfords sponsorship that Sustrans was able to launch its own route
alignment and virtual journey website which attracts around 80 000 hits per month.
"With more than 130 Bikehuts employing cycle enthuasts and a number of regional 'cycle champions', Halfords is also involved with promoting cycling at a grass roots level across the country."