PwC administrators compete immediate sale of Evans Cycles
Independent specialist cycling retailer Evans Cycles has been sold to three companies, all of which are ultimately owned by Sports Direct International PLC, immediately following the appointment of administrators from PwC.
Having been established in 1921, Evans Cycles has become a leading independent specialist cycling retailer in the UK’s highly fragmented market.
With its head office, warehousing and distribution functions based in Gatwick, Evans operates as a multi-channel retailer through 62 stores and online, employing around 1,300 staff.
Matt Callaghan, Ian Green and David Baxendale of PwC were appointed joint administrators on Tuesday this week, immediately prior to the sale.
Matt Callaghan, joint administrator and PwC partner, said: “We are delighted to have secured a future for the business and employees of Evans. 2018 has been a very difficult trading year for the business, in part due to the impact of the extended winter weather in the early part of the year and a lack of cash to invest in stores and develop the online platform. A combination of losses, the capital expenditure requirements and tightening credit has led to a liquidity crunch.
“Evans is a long-standing, well known and trusted brand with nearly 100 years of heritage in the cycling market. To have managed to preserve the business and transfer all staff to the purchaser is particularly pleasing.”