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| Evans Cycles seeks new owner amid cash crunch | Evans Cycles seeks new owner amid cash crunch |
| (about 2 hours later) | |
| Evans Cycles has put itself up for sale as it seeks fresh funding amid tough High Street trading conditions. | Evans Cycles has put itself up for sale as it seeks fresh funding amid tough High Street trading conditions. |
| The BBC understands PwC is in talks with a number of potential buyers for the bike store chain, which has more than 60 outlets in the UK. | The BBC understands PwC is in talks with a number of potential buyers for the bike store chain, which has more than 60 outlets in the UK. |
| The consultancy has asked for final bids by the end of next week, but Evans is not thought to be seeking a rescue deal. | The consultancy has asked for final bids by the end of next week, but Evans is not thought to be seeking a rescue deal. |
| PwC declined to comment and Evans did not respond to requests for comment. | PwC declined to comment and Evans did not respond to requests for comment. |
| Concerns over the retailer's financial position first emerged in September, when Sky News reported the chain was seeking an emergency cash injection from its lenders. | Concerns over the retailer's financial position first emerged in September, when Sky News reported the chain was seeking an emergency cash injection from its lenders. |
| Like other retailers, Evans has struggled with the recent slowdown on Britain's High Streets that has led to the demise of brands such as Maplins and Toys R Us. | Like other retailers, Evans has struggled with the recent slowdown on Britain's High Streets that has led to the demise of brands such as Maplins and Toys R Us. |
| High Street cycling retailers also face mounting competition from online rivals such as Wiggle, which have eaten into their market share. | High Street cycling retailers also face mounting competition from online rivals such as Wiggle, which have eaten into their market share. |
| As first reported by Sky, Evans is thought to need at least £10m to keep up with obligations over the coming months. | |
| However, it is not thought to be considering a company voluntary arrangement (CVA) - a form of rescue deal that would allow it to shut stores and slash rents without going bust. | However, it is not thought to be considering a company voluntary arrangement (CVA) - a form of rescue deal that would allow it to shut stores and slash rents without going bust. |
| The controversial insolvency process has been used recently by retailers such as New Look, Mothercare and Homebase. | The controversial insolvency process has been used recently by retailers such as New Look, Mothercare and Homebase. |
| Bumpy ride | Bumpy ride |
| Evans traces its history to 1921, when the first FW Evans Cycles shop opened in Kennington, south-east London. | Evans traces its history to 1921, when the first FW Evans Cycles shop opened in Kennington, south-east London. |
| It was bought by private equity firm ECI Partners for £80m in 2015, but has had a bumpy ride since then. | It was bought by private equity firm ECI Partners for £80m in 2015, but has had a bumpy ride since then. |
| In April, the chain sacked its chief executive Andy King amid reports he had failed to turn the business around. | In April, the chain sacked its chief executive Andy King amid reports he had failed to turn the business around. |
| Mr King, who joined Evans in November 2016 amid profit slump, was replaced by Alan Fort - the firm's third new boss in two years. | Mr King, who joined Evans in November 2016 amid profit slump, was replaced by Alan Fort - the firm's third new boss in two years. |
| According to Companies House, earnings at Evans' parent company, April Topco, fell from £2.2m to £2m in the year to 28 October 2017. However, turnover increased slightly to £138.8m. | According to Companies House, earnings at Evans' parent company, April Topco, fell from £2.2m to £2m in the year to 28 October 2017. However, turnover increased slightly to £138.8m. |