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.
For more news stories about businesses for sale, click here. For all our business sale listings, click here.
The business sells a great selection of meats, cooked meats, a range of seasoned sausages and burgers all prepared in-house. Revenue is derived from the sale of quality fresh produce, supplied from reputable sources. The business sees a lot of repeat...
LEASEHOLD
The business offers a wide range of quality furniture made from materials such as solid oak, solid pine, Indian hardwood, reclaimed wood, veneers, foils and more. A wide variety of different products are displayed in a traditional and contemporary st...
LEASEHOLD
Fantastic opportunity to acquire, on a freehold basis, this long standing and well respected traditional local butchers. Thomson of Thornton has been family owned for over 50 years and has built an excellent local reputation for quality and service a...
FREEHOLD
|
18
|
|
Nov
|
Kitwave acquires Alpine Fine Foods | BUSINESS SALE
Independent wholesaler Kitwave has acquired Alpine Fine Food...
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
|
14
|
|
Nov
|
Scale manufacturer taken over in MBO | MBO/MBI
Weighing scale manufacturer Marsden Weighing Group has been ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
13
|
|
Aug
|
Forensic science equipment supplier completes MBO | MBO/MBI
A private equity firm has backed the management buyout of a ...
|
15
|
|
Jun
|
Cumbria hotel on sale for an undisclosed price | COMMERCIAL PROPERTY
A Georgian hotel from the 19th century has been put on the m...
|
11
|
|
Jun
|
Upholstery chain falls into administration | ADMINISTRATION
Fabb Sofas, the furniture retailer founded in 2016 by billio...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources