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.
Very busy hardware and DIY store situated in the centre of this busy small town in Derbyshire – substantial freehold property which offers spacious retail and ancillary space together with super family accommodation. Offers invited.
LEASEHOLD
This is one of the best convenience stores seen for some time – the premises have been fitted and equipped to the highest of standards more usually associated with the corporate national traders. Offers invited.
LEASEHOLD
Superbly fitted news and convenience store which has been in the same hands for over 20 years and has proved itself to be a highly profitable business for our clients who have earned a very good living indeed. Offers invited.
FREEHOLD
|
22
|
|
Mar
|
Scunthorpe nightclub up for sale | BUSINESS SALE
A former nightclub based in Scunthorpe has been put up for s...
|
21
|
|
Mar
|
Kent Logistics provider completes a successful acquisition | BUSINESS SALE
A Kent-based personalised logistics provider, backed by Livi...
|
20
|
|
Mar
|
Warrington construction company enters administration | ADMINISTRATION
A prominent construction business headquartered in Orford Gr...
Sign up to receive our acquisition alert emails to get your FREE guide
|
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...
|
20
|
|
Feb
|
Electronics specialist Maplin searches for buyer | BUSINESS SALE
Electronics retailer Maplin is reportedly in crisis talks wi...
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