Cycle chain ditch boss after less than two years in charge

Struggling chain Evans Cycles has ditched its chief executive after less than two years in charge.

Evans Cycles is owned by the Manchester-based private equity firm ECI Partners and Andy King was brought in to turn around the firm.

He has now been replaced by Alan Fort who is acting as interim chief executive.

The company released a statement on the change in management.

It read: “After leading Evans Cycles for the last 17 months, the decision has been made that Andy King will step down as CEO of the business.”

Evans Cycles added that it will continue to make “good progress” as its seeks a new chief executive under the stewardship of chairman Mike Tomkins.

Andy King had taken over from Nick Wilkson who lost his job after the company suffered a 45% fall in operating profit.

Last year the firm’s operating profit fell to £2.2m down from £4 m the year before.

ECI Partners, which has its northern HQ on Deansgate bought the chain for £80m in 2015.

Evans Cycles said in a statement: “The board and the business’ main shareholder, ECI Partners, remain excited by the many opportunities that exist for the business to further consolidate its unique position as the leading independent specialist bike retailer and are focused on further enhancing Evans’ multi-channel proposition to cyclists across the UK.”