Evans Cycles is set to open two new stores over the next month, including a 3,300 sq ft shop in Bristol, as part of the retailer’s expansion plans and ambition to “further its presence as the go-to destination for cycling” in the UK, just weeks after it launched an ongoing 70 per cent sale and reported a post-tax loss of £22.8m for 2023.
The Frasers Group-owned company, the current largest high street cycling retailer in the UK with 70 stores and 900 employees, announced this week the opening of a new Bristol store on Union Street, in the city’s Shopping Quarter, as part of what the brand calls an “elevated relocation” from the city centre site it has occupied since 2007.
The new 3,300 sq ft shop, which will open its doors on Friday 30 August, will include a 150-bike showroom and service and repairs centre. According to Evans, it will stock an “extensive range” of bikes, e-bikes, clothing, and accessories, along with a facility for online click and collect.
Evans also confirmed that it will open another shop in Sheffield’s Meadowhall Centre next month, attached to the new flagship Sports Direct and Frasers department store, which will house other brands owned by Mike Ashley’s business empire, such as Game and USC.
Announcing the opening of the stores in Bristol and Sheffield, Frasers Groups’ managing director of wheels, Russel Merry, said: “We remain big believers in bricks and mortar retail for cycling. Bikes are a considered purchase and customers value the guidance of a knowledgeable team member as well as being able to see and touch the bike in front of them, before making a choice.
“The new Evans Cycles site in Bristol demonstrates our commitment to investing in and improving the locations we currently occupy and opening new stores.”
The announcement of Evans’ retail expansion comes just weeks after the company posted a £22.8m post-tax loss for the financial year ending April 2023 – the financial year that preceded the purchase of Wiggle Chain Reaction by Frasers for just £3m – the cycling retailer blaming the “supply chain issues within the industry” for its losses spiralling from £5.3m a year earlier.
However, despite the losses, Evans insisted that “management believe the company has performed strongly in the period even with the well-publicised supply chain issues with bicycles”.
As per the retailer’s income statement for the financial year ending 30 April 2023, the company’s revenue was up slightly on the previous year (£45.8m vs £45.3m), credited to an increase in floor space, while its much-increased “administrative expenses” saw a pre-tax loss reported of £23.2m, reduced to £22.8m after tax. Meanwhile, £145m is also owed to creditors within a year, up from £58m the year before.
Those mixed financial results came as Evans launched a major online sale, which is set to end on Monday 2 September, featuring reductions of up to 70 per cent, months after offering heavy discounts on Wiggle CRC outlet products in their stores.
Similar bargains and price-slashing can be seen online now and not just for products that came over during the Wiggle purchase. Bikes from Specialized, Trek, Cannondale, and other brands have seen their prices cut, some Lapierre models available for half of RRP.
For example, Cannondale’s System Six Hi-MOD Ultegra Di2 has been cut from £8,500 to under £6,000, Trek’s Madone SL 7 2024 has £1,500 off and is also now down to under £6,000, while the Vitus ZX-1 (which usually retails for £4,500 and comes courtesy of Wiggle CRC’s collapse) is now available for pre-order at £3,200, and Lapierre’s Xelius SL 8.0 can be bought for under £5,000.
There are also significant savings on entry-level and mid-range bikes, including Pinnacle models, Cannondale’s CAAD Optimo and Synapse, Ridley Noah and Fenix models, the Vitus Razor, and Specialized Allez, and reductions have been spotted on Shimano components and clothing from Endura and Rapha.
12 thoughts on “Evans Cycles set to open two new stores as brand aims to become “go-to destination for cycling”, just weeks after reporting £22.8m loss and slashing bike prices in 70% sale”
The site of the new Evans
The site of the new Evans store in Bristol was previously Cycle Republic (I think that was the name: Halfords’ posh brand when they tried out having dedicated cycle stores) and then was Pure Electric (e-scooters and e-bikes). It’s been empty since just after the Pandemic, so I bet they got a good deal on the rent
They’ve been desperately trying to get rid of all their stock at their old store (under Rupert Street multi storey car park*) ever since they announced its closure, so I guess they’ll aim to have shiny new things when the new store opens.
*That would be Rupert Street multi storey which is considered to be a historic piece of 1950s brutalist architecture, one of the first in the UK, but which is now going to be knocked down and replaced with student flats (like every unwanted plot of land in central Bristol…).
So the “new store” headline
So the “new store” headline is a bit misleading, it is one in, one out?
Evans Cycles will never be the go to retailer for me as long as Ashley is the owner.
In the case of Bristol at
In the case of Bristol at least (and I suspect this might be true of Sheffield too), it’s simply a relocation due to the expiry of lease at their current site.
Classic Ashley move; fire all
Classic Ashley move; fire all the staff, move the store 3 premises down to a unit with 12 months of lease left on it.
Quote:
Presumably works closely with the managing director of deals?
mdavidford wrote:
Presumably works closely with the managing director of deals?
I’ve heard they share a PA, called Wheeler Dealer.
The same Evans that had a
The same Evans that had a habit of opening new branches right by established bike shops and then undercutting them? What a shame.
To be the go-to destination
To be the go-to destination you need to offer good service. That’s not Mike Ashley’s business model and never has been. I’ll stick with local bike shops and bike mechanics. I’d rather got to Decathlon or Halfords than Evans.
True, and didnt they also
True, and didnt they also just close down the Renfrew branch in Braehead? So not sure hw they can say they want to be one thing while closing a branch that served half a major city and surrounding area.
Thankfully, we have some top quality bike shops in Glasgow like Billy Bilsland near Glasgow Green. Last thing I ever bought in Evans was Castelli bibs on sale over 3 years ago
People seem a bit snotty
People seem a bit snotty about Ashley/Evans, but get misty eyed about the cottage end of the industry saying you should “support” your LBS. I’d rather have a bike shop that thrived through being a good bike shop, rather than one that relied on altruism. Same for Evans, I’ll go there if it’s good (and so far I’ve no complaints, been well looked after at purchase and aftersales).
I’d rather be serviced by a
I’d rather be serviced by a good bike shop that thrived through being a good bike shop, rather than one that relies on shady business practices to undercut the market so they are the only option
I went in the new Bristol
I went in the new Bristol branch at lunchtime. “Can I help you?”, asks a staff member. “Yeah, I’m after a quick link for an eight speed chain”, says I. He walks over to the shelves, says they’ve only got quick links for eleven and twelve speed chains and recommends I go up to the LBS a few minutes walk away…