Matt Callaghan, Ian Green and David Baxendale from PwC have been appointed joint administrators of FW Evans Cycles (UK) Ltd and have immediately sold the business and assets of the company to three companies, all of which are ultimately owned by Sports Direct International
Established in 1921, Evans Cycles is a leading independent specialist cycling retailer with branches across the UK. 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, 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.’
In interviews after the acquisition was announce, Sports Direct founder Mike Ashley indicated only half of the Evans stores were likely to remain open.
Report by Pat Sweet
