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.
Offers an extensive selection of original equipment (OE) and aftermarket products for a wide range of makes and models of vehicles from major manufacturers.
LEASEHOLD
This well established and highly respected business/brand has been trading successfully for some 7 years and specialises in the online supply of clothing and household items to the whole of the UK. The sales are online retail with the majority sold t...
RELOCATABLE
Extremely well established carpet and flooring shop, established by the present owner in 1971. Two of the business outlets are in a prime high street locations, being the main thoroughfares in highly regarded West Sussex Towns and are well positioned...
LEASEHOLD
|
13
|
|
May
|
Shopping centre business put up for sale | BUSINESS SALE
A West Yorkshire shopping centre that sees up to 5 million c...
|
13
|
|
May
|
Assets up for sale as Scottish grain merchant falls into administration | ADMINISTRATION
East Lothian-based grain merchant Alexander Inglis & Son has...
|
12
|
|
May
|
Sassoon Academy to appoint administrators | ADMINISTRATION
Hairdressing school Sassoon Academy has revealed that it is ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
27
|
|
Jan
|
Paperchase set to be rescued in pre-pack acquisition | BUSINESS SALE
High-street stationer Paperchase is set to be acquired by Pe...
|
06
|
|
Jan
|
Paperchase close to administration amid “unbearable strain” of lockdown | ADMINISTRATION
Cards and stationary retailer Paperchase has filed notice of...
|
27
|
|
Oct
|
Dog treats company acquired by Spectrum Brands | BUSINESS SALE
Nottingham-based pet treat and toy maker Armitage Pet Care h...
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