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

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.

> Huge discounts spotted as bike and cycling clothing prices slashed in summer clearance sales at Wiggle, Trek, Rapha, Evans Cycles and more

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.”

> Evans Cycles blames "supply chain issues" for £22.8m loss, as 70% sale sees bike prices slashed online

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.

> Evans begins 70% off sale on old Wiggle stock – as it’s revealed Frasers Group paid just £3m for struggling cycling retailer after initial deal collapsed

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.