Evans Cycles has, after a 17 month stint in charge, replaced chief executive Andy King.
Taking interim charge, Alan Fort’s installation at the head of the business comes in tandem with the news that the firm has pulled out of the Leeds City Railway station Cyclepoint – a cycle parking, retail and workshop facility designed to stimulate multi-modal commutes.
Evans said in a statement: “After leading Evans Cycles for the last 17 months, the decision has been made that Andy King will step down as CEO of the business.”
The switch at the top is Evans’ second in under two years with Nick Wilkinson similarly let go having overseen a 45% fall in operating at the time.
Owned by private equity business ECI Partners since 2015, Evans operating profit has been falling rapidly, with Companies House filings showing a decline to £2.2 million for the year ended October 29th, 2016 from around £4 million the prior year.
“The board and the business’ main shareholder, ECI Partners, remain excited by the many opportunities that exist for the business to further consolidate its unique position as the leading independent specialist bike retailer and are focused on further enhancing Evans’ multi-channel proposition to cyclists across the UK,” added Evans on the move.