Evans Cycles snapped up by Sports Direct
Sports Direct has said it will only be able to keep about half of Evans Cycles stores open, threatening hundreds of jobs, after buying the cycling retailer as part of a pre-pack administration.
Evans, which had been seeking a new owner, went into administration today. It was then immediately sold by administrators PwC to three companies controlled by Mike Ashley’s Sports Direct.
It has 62 stores across the UK, four of which are in Scotland – Edinburgh, Aberdeen, Glasgow and Braehead.
Matt Callaghan, joint administrator and PwC partner, said: “We are delighted to have secured a future for the business and employees of Evans.” He added that 2018 “has been a very difficult trading year” for the firm, which suffered a liquidity crunch.
Sports Direct chief executive Mike Ashley said: “We are pleased to have rescued the Evans Cycles brand. However, to save the business we only believe we will be able to keep 50 per cent of stores open.”