Halfords has reportedly withdrawn from the bidding for Evans Cycles, leaving Mike Ashley’s Sports Direct the frontrunner to take control of the struggling bike retailer.
Private equity firm ECI Partners bought Evans Cycles in 2015 and refinanced the company the following year following a fall in profits. The chain has been lossmaking over the past two years during a period of expansion.
Evans is said to require more than £10m to see it through the next few months of trading and ECI has been inviting bids.
Halfords expressed an interest but Sky News reports that it has now decided to focus on Cycle Republic and Tredz, its existing premium brands.
Earlier this month, JD Sports Fashion and Sports Direct International tabled indicative offers. The latter is thought to be the most likely buyer, although the firm itself has said it is unclear whether a deal will be agreed.
Sports Direct recently rescued House of Fraser from administration and subsequently sacked the department store’s directors and senior management.
It is also a major shareholder in Debenhams and is tipped to launch a takeover if the department store’s financial situation worsens.
The Guardian reports that Debenhams today confirmed plans to shut up to 50 stores.
























9 thoughts on “Halfords’ withdrawal may clear way for Sports Direct to buy Evans Cycles”
Wahey! Now everything will be
Wahey! Now everything will be genuinely half-price all the time! Muddy Fox kit all round!
Duncann wrote:
At least you can be sure that the staff will be genuinely half price.
Don’t be so pessimistic, you
Don’t be so pessimistic, you can mix it up with Dunlop!
alansmurphy wrote:
I like the Dunlop ‘Converse knock-off’ type shoes, which came from SD.
Cycle Republic is a premium
Cycle Republic is a premium brand, is it…?
I’d rather see kids getting
I’d rather see kids getting tuppence ha’penny for making a £2.99 cycling top than having them threatening our borders. Spread the wealth. Bring on Sports Direct.
All new bikes to come with a
All new bikes to come with a giant mug holder instead of a bottle cage
geo555 wrote:
That’ll let you Karrimor.
Can’t say I care who owns
Can’t say I care who owns Evans providing the prices stay good.
Lets face it, sports direct is massive so can get better rates when buying from their suppliers. It won’t be the first bike brand bought out by Sport Direct. My LBS is owned by them, and it’s much better than any Evans Cycles I’ve been into!
https://road.cc/content/news/231192-sports-direct-moves-premium-cycling-retail-through-tri-uk