Halfords looks to buy Evans Cycles

Car parts and cycling retailer Halfords has tabled an offer for the struggling Evans Cycles, according to reports.

Sky News has indicated that Halfords is one of a number of potential bidders, which also includes turnaround investment companies.

Halfords is the owner of the rival Cycle Republic chain which has around 20 UK stores. With its roots tracing back to the 1920s, Evans operates 60 stores in the UK and Ireland.

Owned by private equity firm ECI Partners since 2015, Evans is seeking £10 million in new capital. The retailer is understood to be battling against difficult trading conditions but there have also been reports that the cash could be used in part for new store openings and refits, and the development of Evans’ online business.

Sky News has reported that the company has asked potential bidders to submit their takeover proposals imminently.