Sports Direct buys Evans Cycles, hopes to keep 50% of stores open

The fate of Evans Cycles has finally been sealed with its acquisition by Mike Ashley’s Sports Direct.

The firm hopes to keep 50% of stores open in the future, warning that ‘some stores will have to close’. Discussions will open with landlords over the next few days to discuss the future of individual stores. The Evans portfolio currently includes 62 stores across the UK.

Mike Ashley said: “We are pleased to have rescued the Evans Cycles brand. However, in order to save the business we only believe we will be able to keep 50% of stores open in the future. Unfortunately some stores will have to close.”

The news comes less than a week after Halfords reportedly pulled out of the bidding.

Mike Ashley’s growing retail empire recently expanded to take on House of Fraser. Last year, he bought Tri UK.

Evans Cycles first invited rescue bids in September of this year (according to reports), following a period of significant losses.

FW Evans opened its first shop in 1921 on Kennington Road in south east London. Own brands include Pinnacle and the firm has an exclusive partnership with Sir Chris Hoy for his HOY bikes range.