Sports Direct has bought Evans Cycles through a pre-pack administration for an undisclosed amount.
Evans Cycles has around 60 branches across the UK. However, Sports Direct warned it will close up to 50% of the cycle specialist’s stores.
Sports Direct chief executive Mike 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 will be handling the Evans Cycles property portfolio.
He 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.”