Outdoor & Cycle Concepts, the owner of Cycle Surgery, has proposed a company voluntary arrangement (CVA) to its creditors which would see it close loss-making stores to reduce rental costs.
The firm – which also owns Snow & Rock, Runners Need and Cotswold Outdoor – has 115 stores across the UK and Ireland. Cycling Industry News reports that 19 of these are branches of Cycle Surgery.
Bloomberg reports that Outdoor & Cycle Concepts, which is controlled by private equity firm PAI Partners, is citing declining footfall on shopping streets as a major reason for the proposal.
Debenhams recently announced similar plans as part of its CVA.
“We have started to engage with key stakeholders, suppliers and property landlords to explore all options,” said managing director, Jose Finch.
A vote on the CVA is scheduled for May 13.
Last year Evans Cycles entered administration before private equity firm ECI Partners sold the business to Sports Direct.
In October, Sports Direct said it would have to shut around half of the 62 stores. It was later revealed that nearly all of them were trading profitably when the sale went through.
Administrators said the firm was “burdened” by fixed costs associated with its head office.
7 thoughts on “Cycle Surgery owner looking to close stores”
In all fairness, the few
In all fairness, the few shops I see are in shit locations, Didsbury (as seen in the photo) springs to mind as particularly shit.
don simon fbpe wrote:
Have to agree with you on that store’s location – placing a cycle shop on a busy 6 lane dual carriageway (Princess Parkway) is hardly going to encourage people on bikes to visit, especially when the excellent Ken Fosters LBS is not far away.
Broadmead in Bristol has a
Broadmead in Bristol has a cotswold outdoor (which includes runners need) and it used have a cycle surgery too. I’ve bought a few things from cotswold outdoor (you get money off if you wave your CUK/CTC members card), but I found cycle surgery vevery expensive.
brooksby wrote:
They price match literally everyone – do a Google before you go in and they’ll match UK based internet shops. In all honesty I’ve always had good service from the people in the London stores I’ve used so I don’t always do this, no they’re not an lbs but some of their stores do feel like one. I hope the closures are kept to a minimum.
Ps. London stores aside, there do seem to be a few in odd locations, the Romford one is round the back of a mini retail park with basically zero footfall as it’s only easily accessible by car and you have to know it’s there. Big shop too…always empty unlike the London shops
brooksby wrote:
There’s still a Cycle Surgery in Filton, at the top of the hill.
Bmblbzzz wrote:
I didn’t know that, but tbh I never go that far up the Glos road anyhoo…
I went in one in Leeds and
I went in one in Leeds and plastic surgery is probably better value.
Big rents and big prices.