Fri, 21 Sep 2018 | BUSINESS SALE
Evans Cycles have entered the market and are on the hunt for a new owner following pressures on high street retailers due to the increased competition from online platforms like Halfords and Wiggle.
The retailer, which has over 60 stores nationwide including in Manchester city centre, Trafford Centre and the National Cycling Centre, is considering a number of potential new buyers comprising of private equity groups and trade buyers.
Advisers from PwC are handing the sale and have invited offers, requesting final bids by the end of the following week.
Evans Cycles had humble beginnings in South East London, with its first store opening in 1921. It was later purchased by private equity firm ECI Partners in 2015 for £80 million. Alan Fort represents the company as the current CEO, after having taken on the role from Andy King who was with the business for less than two years.
Although it is not considering a company voluntary arrangement (CVA) which would force it to close down its worst-performing stores, Evans Cycles has reported multiple financial strains that mandates a multimillion-pound financial aid to prolong operations and stay afloat.
It is estimated that at least £10 million is needed to continue trading, but ECI is not projected to be a part of any rescue deals.
The chain’s parent company April Topco revealed recent accounts which stated that despite experiencing an increase in turnover, earnings declined from £2.2 million to £2 million in the year ending in October 2017.
Evans Cycle is the latest chain to fall victim to the toxic high street retail market, and faces administration if a new owner is not found in due time.
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