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Sports Direct acquires Evans Cycles out of administration

Sports Direct has acquired cycle retailer Evans Cycles out of administration.

SPORTS & LEISURE

Sports Direct acquires Evans Cycles out of administration

Sports Direct has acquired cycle retailer Evans Cycles out of administration.

However, there are fears for hundreds of jobs as Sports Direct has said that it can only keep half of the stores open.

In a statement, Sports Direct chief executive Mike Ashley said: "We are pleased to have rescued the Evans Cycles brand. However, in order to save the business we only believe we will be able to keep 50% of stores open in the future. Unfortunately, some stores will have to close."

Founded in 1921, Evans Cycles has 62 stores and employs around 1,300 staff. It also has head office, warehousing and distribution functions at Gatwick.

Last month it emerged that Evans was seeking a buyer and that PwC had been appointed as its advisor. At one point, Halfords was in the running to buy the business.

Yesterday Matt Callaghan, joint administrator and PwC partner, said: “2018 has been a very difficult trading year for the business, in part due to the impact of the extended winter weather in the early part of the year and a lack of cash to invest in stores and develop the online platform. A combination of losses, the capital expenditure requirements and tightening credit has led to a liquidity crunch.”

In August Sports Direct acquired the House of Fraser department store chain out of administration for £90 million.

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