Hundreds of jobs at risk as Sports Direct swoops for stricken bike retailer

Sports Direct has stepped in to buy stricken bike retailer Evans Cycles – and has announced it will close dozens of stores.

Mike Ashley’s Shirebrook-based firm has bought Evans in a pre-pack deal out of administration. It has around 60 shops employing 1,300 staff

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.”

James Keany at CBRE, who will advise on the estate, said: “We are looking forward to working with landlords in order to help create a sustainable business. We will make contact with landlords over the next few days and discuss the future of individual stores.”

Evans made a £17.4m loss last year while its owners were forced to write off tens of millions of pounds worth of shareholder loans as part of a debt restructuring.

It is not yet clear which Evans stores will be closing.