Evans Cycles news and archive

Frasers Group-owned Evans Cycles to cut 300 jobs

Frasers Group-owned bicycle retailer Evans Cycles is reportedly planning to cut more than 300 jobs and switch hundreds more staff to zero-hour contracts as the group looks to cut costs. In a document sent to staff, and seen by The Guardian, Evans Cycles said it intends to cut up to half of the workforce in many of its stores, from 813 to 475....

Business

Sports Direct boss Mike Ashley ‘deeply' sorry for Covid-19 response, offers support to NHS

Sports Direct boss Mike Ashley has said he is “deeply apologetic” for his company’s earlier efforts to keep stores open amid the country’s lockdown and has offered to help the NHS during the pandemic. On Monday evening, prime minister Boris Johnson announced the immediate closure of all ‘non-essential’ stores across the country - including...

Retail

Evans Cycles to close more stores following Sports Direct takeover

Cycling clothing, accessories and equipment brand Evans Cycles is set to close three more stores this month, bringing the total number of closures to eight since the chain was bought by Sports Direct. That number is relatively low considering that shortly after Sports Direct bought the chain out of administration for 8 million pounds (10.2...

Retail

'Almost all' Evans Cycles stores profitable ahead of Mike Ashley closures

Sports Direct owner Mike Ashley announced the closure of half of Evans Cycles’ stores despite the advice by administrators that “almost all the stores were profitable,” according to the Telegraph. The administrators’ proposals document obtained by the UK newspaper showed that administrator PricewaterhouseCoopers (PwC) decided that while almost...

Business

Sports Direct buys Evans Cycles for 8 million pounds

Sports Direct has announced it has paid 8 million pounds (10.2 million US dollars) to buy British retailer Evans Cycles after it fell into administration. Commenting on the Wednesday announcement in a statement, Sports Direct boss Mike Ashley said: “We are pleased to have rescued the Evans Cycles brand. However, in order to save the business we...