Oct 30, 2018

Sports Direct acquires Evans Cycles in pre-pack deal

Sports Direct, the UK sportswear retailer that acquired department store group House of Fraser in August, said it had bought Evans Cycles in a pre-pack deal for an undisclosed price. Mike Ashley, Sports Direct chief executive, said the company would only be able to keep around half the stores open. "Unfortunately some stores will have to close," he said in a statement. Evans grew rapidly on the back of the UK's growing enthusiasm for cycling, fuelled by increasing uptake in the capital and by success at the Olympics and in road racing. The services group is also acting in respect of House of Fraser stores.

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