Evans Cycles is looking to restructure the business amid falling profits

User avatar
Ross
Posts: 5742
Joined: Sat Nov 07, 2009 8:53 pm

Evans Cycles is looking to restructure the business amid falling profits

Postby Ross » Sat Sep 08, 2018 8:35 am

https://www.bikebiz.com/business/evans-in-cash-talks
The owner of Evans Cycles is looking to restructure the business amid falling profits at the 60-store chain. ECI Partners is seeking £10 million to keep the business afloat, reports Sky News.

User avatar
MichaelB
Posts: 14752
Joined: Tue Feb 20, 2007 9:29 am
Location: Adelaide, South Australia

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby MichaelB » Mon Sep 10, 2018 11:02 am

Will be interesting to see what happens.

Used to use Evans a bit, but seems that more of their stuff is 'not shipped to Aus', so haven't bought from them for a while

User avatar
jaseyjase
Posts: 2993
Joined: Tue Apr 21, 2009 2:00 pm
Location: Perth

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby jaseyjase » Mon Sep 10, 2018 11:24 am

MichaelB wrote:Will be interesting to see what happens.

Used to use Evans a bit, but seems that more of their stuff is 'not shipped to Aus', so haven't bought from them for a while
Probably dosnt help that stopped shipping to Aus from the 14th of June!

i used them, mainly because at times they stocked brands/parts that other retailers didnt.

nezumi
Posts: 1060
Joined: Mon Jul 01, 2013 11:30 pm
Location: Bundoora, Melbourne

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby nezumi » Mon Sep 10, 2018 7:50 pm

Clearly this is all the result of the loss of the Aus market. They should adjust their systems to collect GST, and then they'd be fine! :P
2014 Merida Cyclo Cross 4
2015 Merida Scultura 5000

User avatar
AUbicycles
Site Admin
Site Admin
Posts: 15579
Joined: Tue Aug 23, 2005 2:14 am
Location: Sydney & Frankfurt
Contact:

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby AUbicycles » Fri Sep 14, 2018 5:57 am

They missed the chance to be a serious player on the Australian market. Having physical retailers affects the focus and it is fair that 'profits alone' shouldn't be the sole motivator. Shipping to Australia is a solvable problem for a big business and I think new opportunities for Australian customers are with smaller business that don't reach the threshold.

But the law also came at a time when Australian online business was being competitive anyway.
Cycling is in my BNA

User avatar
AUbicycles
Site Admin
Site Admin
Posts: 15579
Joined: Tue Aug 23, 2005 2:14 am
Location: Sydney & Frankfurt
Contact:

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby AUbicycles » Wed Sep 26, 2018 3:56 pm

More reporting of the struggling Evans Cycles chain - a rescue deal is necessary to keep them afloat. Continuing turbulent times ahead for Evans Cycles who are fairly big in the UK market.

https://www.bbc.com/news/business-45595144
Cycling is in my BNA

User avatar
Ross
Posts: 5742
Joined: Sat Nov 07, 2009 8:53 pm

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby Ross » Thu Sep 27, 2018 8:01 pm

Halfords rides to rescue of struggling rival Evans Cycles

https://news.sky.com/story/halfords-rid ... s-11509519
Halfords, the UK's biggest bikes retailer, is trying to ride to the rescue of Evans Cycles, the rival chain which is racing to agree a takeover that would secure its future.

Sky News has learnt that Halfords, which is listed on the London stock market, was among a number of parties which tabled indicative offers for Evans earlier this week.

Other bidders included turnaround investors, with Evans requiring more than £10m in fresh capital to see it through the next few months of trading.

The urgent auction of Evans, which was founded nearly a century ago, underlines the risk of another prominent retailer being consigned to the list of names which have been plunged into crisis this year amid a toxic high street trading environment.

Like many high street retailers, Evans has slipped into the red because of a combination of rising costs and challenging trading conditions.

The chain‎ trades from just over 60 stores across the UK and traces its history to 1921, when the first FW Evans Cycles shop opened in south-east London.

The company, which is owned by the private equity firm ECI Partners, is being advised by PricewaterhouseCoopers (PwC), while AlixPartners is advising the retailer's lenders.

It has been backed by a number of investment firms, including Active Private Equity‎, which sold it to ECi in 2015 for an undisclosed sum.

ECI is not expected to be part of any rescue deal.

The current talks with its lenders is not the first time that Evans has flirted with financial difficulty.

In 2016, it held similar talks with its banks amid a slowdown in bicycle sales.

This year, it parted company with Andy King, its chief executive for less than two years, and replaced him on an interim basis with Alan Fort.

Evans is the latest in a long series of major retail names to be forced into talks with its lenders as the industry contends with one of the most brutal trading environments for decades

User avatar
Ross
Posts: 5742
Joined: Sat Nov 07, 2009 8:53 pm

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby Ross » Fri Oct 26, 2018 4:23 am

Evans Cycles Staff Told Of Rescue Plan

https://www.forbes.com/sites/carltonrei ... 7cddec78a7
Struggling U.K. retail chain Evans Cycles has been rescued, staffers of the 60-store cycles-only chain were told today.

Earlier in the month, the UK's leading sports retailers JD Sports and Sports Direct were reported to have tabled offers for Evans Cycles, and rival Halfords had also been sniffing around. There were also deals on the table from 11 other interested parties. However, Halfords has now pulled out of any deal. Prior to the acquisition, Evans Cycles was seeking a £10 million cash injection to stay afloat.

The front runners to acquire Evans Cycles are now JD Sports – which owns the Go Outdoors chain – and Sports Direct, run by Mike Ashley. The official announcement of the new owner will be made tomorrow, industry sources said.

User avatar
Ross
Posts: 5742
Joined: Sat Nov 07, 2009 8:53 pm

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby Ross » Wed Oct 31, 2018 5:42 am

Mike Ashley's Sports Direct Acquires Evans Cycles

https://www.forbes.com/sites/carltonrei ... 36711e4839
Struggling U.K. retail chain Evans Cycles has been acquired by Mike Ashley's Sports Direct. Ashley is threatening to close at least half of the 62 stores in the cycles-only chain, with a possible loss of more than 500 jobs.

User avatar
antigee
Posts: 1022
Joined: Sun Sep 01, 2013 10:58 am
Location: just off the Yarra Trail but not lurking in the bushes

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby antigee » Wed Oct 31, 2018 2:14 pm

shutting some of the stores may make business sense but suspect the threat to do so is part of "bargaining" with the current employees

the owner of Sports Direct has plenty of history on employment policies that sink to the bottom of what is legally allowable

plenty on google here's a start that refers to a UK Parliamentary enquiry into the issue:

https://www.theguardian.com/business/20 ... -practices

march83
Posts: 1046
Joined: Mon Apr 29, 2013 10:41 pm

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby march83 » Wed Oct 31, 2018 6:37 pm

Mike Ashley also owns Newcastle United and is pretty universally hated as a club owner. He is not exactly a man of the people.

User avatar
MichaelB
Posts: 14752
Joined: Tue Feb 20, 2007 9:29 am
Location: Adelaide, South Australia

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby MichaelB » Thu Nov 01, 2018 8:47 am

So a good result then :roll: .

How long will it last I wonder ?

User avatar
paulcxw396
Posts: 9
Joined: Tue Sep 12, 2023 8:50 pm

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby paulcxw396 » Mon Oct 30, 2023 8:41 am

MichaelB wrote:
Thu Nov 01, 2018 8:47 am
So a good result then :roll: .

How long will it last I wonder ?
I'm curious how it all turned out?

ningnangnong
Posts: 265
Joined: Wed Mar 21, 2007 8:42 pm
Location: Bikini Atoll

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby ningnangnong » Mon Oct 30, 2023 4:28 pm

march83 wrote:
Wed Oct 31, 2018 6:37 pm
Mike Ashley also owns Newcastle United and is pretty universally hated as a club owner. He is not exactly a man of the people.
He sold it to a consortium a couple of years ago, with the Public Investment Fund of Saudi Arabia taking majority ownership.

But yes, he was a terrible owner alright. Didn't hear one good word about him during his whole tenure.

User avatar
paulcxw396
Posts: 9
Joined: Tue Sep 12, 2023 8:50 pm

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby paulcxw396 » Mon Oct 30, 2023 10:28 pm

ningnangnong wrote:
Mon Oct 30, 2023 4:28 pm
march83 wrote:
Wed Oct 31, 2018 6:37 pm
Mike Ashley also owns Newcastle United and is pretty universally hated as a club owner. He is not exactly a man of the people.
He sold it to a consortium a couple of years ago, with the Public Investment Fund of Saudi Arabia taking majority ownership.
It is important that the amount is significant enough to justify stopping, such as a gold coin or more. However, safety always comes first and I would assess the situation around you to make sure it is safe. I am a connoisseur of money and save it. I recently learned how to create a digital wallet, found https://dashdevs.com/blog/how-to-create ... al-wallet/ an article about it. It's really very convenient and it turned out to be simple. Without further ado, the decision would ultimately depend on a variety of variables, including the amount, the environment, and my current route.
But yes, he was a terrible owner alright. Didn't hear one good word about him during his whole tenure.
It is sad. I would like only good things to be said about me. This is probably not important to everyone.
Last edited by paulcxw396 on Wed Nov 01, 2023 11:44 pm, edited 1 time in total.

User avatar
WyvernRH
Posts: 3175
Joined: Tue Nov 06, 2007 6:41 pm
Location: Newcastle NSW

Re: Evans Cycles is looking to restructure the business amid falling profits

Postby WyvernRH » Tue Oct 31, 2023 2:41 pm

paulcxw396 wrote:
Mon Oct 30, 2023 8:41 am
MichaelB wrote:
Thu Nov 01, 2018 8:47 am
So a good result then :roll: .

How long will it last I wonder ?
I'm curious how it all turned out?
Chatting to a couple of my few remaining contacts in the trade back home in London, they understand that Sports Direct still owns and runs Evans, but the standard of service is down to supermarket levels in a lot (but not all) of the stores. General mood was 'Meh, mass market competition for Halfords" which is sad if you remember the great service, advice and bikes that came out of the store in Lambeth back in the 1970's.

Richard

Who is online

Users browsing this forum: No registered users