Following a sustained period of heavy losses, totalling over £34 million since 2021, Evans Cycles has finally returned to the black, the UK’s largest high street cycling retailer reporting a profit of £388,000 for the financial year ending April 2025.
That long-awaited return to profit, dubbed a “strong performance” by the Frasers Group-owned brand, comes despite a reduction in revenue, following the closure of eight stores. In 2024, Evans boasted 51 shops across the UK, with a combined square footage of 249,000, this number falling to 42 stores and 223,000 sq ft by April last year.
This drop in the number of shops follows a similar pattern from the previous year, when a further six locations were shut as part of the company’s drive to cut costs.
These closures, Evans’ directors say, has resulted in revenue dropping, but profits increasing, thanks to “improvements made in operational efficiencies and the tightening of costs”.
The retailer’s overall revenue fell from £40.1m in 2024 to £34.35m last year, though it posted an underlying pre-tax profit of £661,000, compared to the £3.2m loss posted last year. Evans’ post-tax profit for the last financial year was £388,000, following last year’s £3.3m loss.
The brand’s net liabilities also reduced from £46.96m to £46.57m following this year of long-awaited profit.
After performing “relatively well” in the wake of years of supply-chain issues, Evans’ directors noted that the company will continue to pursue its “multi-channel retail proposition” as a “key strategic objective”.
“To this end, we are improving the customer experience at every step of the journey,” the directors said in the company’s financial report. “We aim to deliver an unrivalled range, availability, and quality of products – both third party brands and ground-branded products.
“The elevation strategy continues to enhance and improve our stores and all our digital operations, our product offering, and our marketing channels. This is vital to strengthen our relationships with our key third party brand partners, to deliver benefits for consumers, and to drive the company’s long-term profitability.”
This financial turn-around for the high street retailer comes after a lengthy period of crippling losses, blamed on the cycling industry’s post-Covid supply chain issues, and two years on from a huge £22.8m annual post-tax loss, coinciding with parent company Frasers Group’s purchase of Wiggle Chain Reaction for just £3m.
Since posting these latest financial results in April 2025, Evans announced the opening of a new store on Regent’s Street in London’s West End. The new shop includes a workshop for “quick fixes and on-the-spot repairs” and over 180 bikes on display.
The retailer also relaunched its range of Vitus bikes – formerly the in-house brand at Chain Reaction – for 2026, in a bid to revive the Vitus name.
“Following the IP acquisition, we moved quickly to secure existing stock, keeping the brand visible, and as many bikes as possible available,” David Greenwood, head of marketing at the Mike Ashley-owned retail empire, told road.cc in September.
“Our next focus was re-establishing the supply chain, prioritising core models, reinstating original frame designs and working with familiar supply partners wherever possible.
“We’ve made a few updates where required but held firm on what matters: delivering the same quality, spec and price point that riders expect.”
Speaking about Vitus’s future, and what we can expect to see from the brand, he said: “Looking ahead, we’re going deep on rider insights to shape the next generation of Vitus. Some classics may return. Others will be reimagined entirely.
“Honouring the fundamentals that made the brand so popular in the first place and a nod to the riders who made Vitus great, and those who will take it further.”
2026 Vitus models are now available on Evans’ website, with new versions of its Vitesse Evo and X-1 Evo bikes currently boasting a 30 per cent discount.
Last month, it was announced that Frasers Group had struck a deal to purchase Frog Bikes, rescuing the popular British children’s bike manufacturer from administration and adding it to its growing cycling retail empire.
1 thought on “Evans Cycles back in profit after years of heavy losses – despite revenue falling due to closure of eight stores”
I don’t love a lot about the wider company, but it is good to have a bike shop on the high street, that cannot be denied.