EVANS SOLD TO SPORTS DIRECT IN PRE-PACK DEAL

Bike retailer Evans Cycles went into administration, only to be bought straight back out by Sports Direct.

The future of the retailer looked uncertain, as rival Halfords withdrew its bid to take it over, citing a desire to focus on expanding the Cycle Republic chain.

Trading has not been affected at Evans, although gift vouchers are ‘suspended’ and the status of the cycle to work scheme is unclear.

Gatwick-based Evans has a history stretching back to the 1920s, although in recent years the chain has expanded to 62 branches and 1,200 employees through the involvement of private equity. Sports Direct, the firm owned by Mike Ashley holds numerous other companies including department stores Lillywhies and House of Fraser and clothing brands including Firetrap, No Fear and Kangol.

Matt Callaghan, a partner at PwC and one of the administrators, commented:

“We are delighted to have secured a future for the business and employees of Evans. 2018 has been a very difficult trading year for the business, in part due to the impact of the extended winter weather, but also due to a lack of cash to invest in stores and develop the ecommerce platform. A combination of the associated losses, the capex requirements and tightening credit has led to a liquidity crunch”.

“Evans is a long-standing, well known and trusted brand with nearly 100 years of heritage in the cycling market. To have managed to preserve the business and transfer all staff to the purchaser is particularly pleasing.”

Published by GregWhitaker

Editor of CAT Magazine and an experienced motoring journalist

DVSA: 88 PERCENT OF GARAGES OFFER PICK UP AND DROP OFF SERVICE

The vast majority of independent garages offer a pick up and drop off service to those that need it, according to a survey. The poll, carried out on behalf of the Driver and Vehicle Standards […]

Read More

DVLA SHOULD CLOSE ‘IMMEDIATELY’ SAY UNION

Closure of licensing authority should be ‘temporary and immediate’ according to PCS union

Read More

ECP BOSS: INDEPENDENTS MUST ‘CLOSE GAPS’ IN DIGITISATION

Independents need ‘to keep up with the rest of the automotive sector’ to compete, says Andy Hamilton

Read More

MIDWEST REBRANDS UNDER ARNOLD CLARK BANNER

Factor chain, including Monmore Auto Parts, under group corporate identity

Read More

CMA: UNIVERSAL COMPONENTS MUST SELL CV FACTOR BUSINESS

Competition and Markets Authority rules that Universal Components must sell 3G Truck and Trailer Parts

Read More

Go to comments

Your email address will not be published. Required fields are marked *