While much of the nation’s cycle trade are meeting at Cycle Show, the deadline for the survival of Evans Cycles draws closer.
Reports from Sky News this week have indicated that Halfords, and other parties, have made offers for Evans after the retailer asked for rescue bids. Evans Cycles needs £10 million for the forthcoming months of trading.
The mood on the floor at Cycle Show yesterday (press and trade day, 27th Sept) was one of hope that a resolution would be found that will keep Evans trading. Distributors speaking to Cycling Industry News clearly didn’t want to have to write off, in some cases, considerable stocks now held by Evans – or face having discounted goods in the market if products are sold off in haste by creditors. Other businesses awaiting payment from Evans are hoping for some resolution.
The largest concern voiced by the distributors and brands at the show was losing a major route to market. Evans has approximately 60 stores across the UK and an e-commerce site.
The BBC reported that Evans Cycles consultants have asked for final bids to be made by the end of the week.