Evans Cycles is a cycling specialist that is part of the Frasers Group (formerly Sports Direct). Mike Ashley’s acquisitive group bought the chain out of administration in October 2018 and said it would reduce the size of the 60-strong store network to return the business to profitability. Going forward, Evans Cycles can be expected to co-site with other Fraser Group fascias.
Alongside its stores, Evans Cycles has a well-established online business that accounts for more than a third of sales. In recent years it has achieved a closer integration between the stores and the online business, for instance through the introduction if iPads in stores.
Evans Cycles sells a wide range of bicycles, from touring and mountain bikes, to more specialist types such as BMX and folding cycles, and has also been expanding its range of electric bikes.
Other services include comprehensive cycle maintenance facilities, organised rides across the UK and a ride-to-work scheme to help customers take advantage of the benefits offered under the government programme.
The Mike Ashley-owned Evans Cycles is cutting 300 jobs and moving the remainder of its staff to zero-hours contracts in a bid to cut costs.
Frasers Group has announced plans to open a flagship store in Leicester’s Fosse Park which will combine its Flannels, Sports Direct, Evans Cycles and Game fascias.
Mike Ashley’s Frasers Group has told landlords it will not pay rents until it is “fully able to freely trade as a business” again.
Frasers Group, formerly known as Sports Direct International, has said that it will pay 100% of salaries for the majority of its employees in May.
Sports Direct has posted a jump in half-year profits and insisted the shock tax bill it received from Belgian authorities in the summer “will not lead to material liabilities”.
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