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You can find the current article at its original source at https://www.theguardian.com/business/2018/sep/20/evans-cycles-seeks-buyer-after-failing-to-mount-rescue-bid
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| Version 1 | Version 2 |
|---|---|
| Evans Cycles seeks buyer after failing to mount rescue bid | Evans Cycles seeks buyer after failing to mount rescue bid |
| (about 2 months later) | |
| The bike shop chain Evans Cycles is urgently seeking a buyer as the retailer battles to survive amid tough high street trading conditions, including the rise of online competition and the cost of running stores. | The bike shop chain Evans Cycles is urgently seeking a buyer as the retailer battles to survive amid tough high street trading conditions, including the rise of online competition and the cost of running stores. |
| The retailer’s management team needs to find £20m to fund a rescue plan, but its backers and bankers were understood to be unwilling to provide the extra cash. Advisers to the group have now asked would-be buyers to table an offer within days. | The retailer’s management team needs to find £20m to fund a rescue plan, but its backers and bankers were understood to be unwilling to provide the extra cash. Advisers to the group have now asked would-be buyers to table an offer within days. |
| Evans operates about 60 stores and traces its roots back nearly 100 years. It also sells online but has been battered by rising costs and fierce price competition. | Evans operates about 60 stores and traces its roots back nearly 100 years. It also sells online but has been battered by rising costs and fierce price competition. |
| Sales of household goods in August defy UK's high street woes | Sales of household goods in August defy UK's high street woes |
| The rise of web specialists with no high street costs – such as Wiggle, now the UK’s second biggest cycle seller according to analysts at GlobalData – has only added to competition from traditional players, such as Halfords, which has also expanded its presence online. Chains such as Decathlon and GoOutdoors have also waded into the market. | The rise of web specialists with no high street costs – such as Wiggle, now the UK’s second biggest cycle seller according to analysts at GlobalData – has only added to competition from traditional players, such as Halfords, which has also expanded its presence online. Chains such as Decathlon and GoOutdoors have also waded into the market. |
| Potential buyers were understood to have been approached by the advisory firm PricewaterhouseCoopers. They were thought to include Halfords, Cycle Surgery, JD Sports (which owns GoOutdoors) and Sports Direct, which considered a bid for Evans in 2015. | Potential buyers were understood to have been approached by the advisory firm PricewaterhouseCoopers. They were thought to include Halfords, Cycle Surgery, JD Sports (which owns GoOutdoors) and Sports Direct, which considered a bid for Evans in 2015. |
| The aim was to get bids on the table by next Thursday, according to Sky News, which first reported the sale process. | The aim was to get bids on the table by next Thursday, according to Sky News, which first reported the sale process. |
| The decision to hunt for a buyer was prompted when the private equity firm ECI Partners, which bought Evans three years ago, and the retailers’ lenders AIB and HSBC failed to agree on a cash injection. | The decision to hunt for a buyer was prompted when the private equity firm ECI Partners, which bought Evans three years ago, and the retailers’ lenders AIB and HSBC failed to agree on a cash injection. |
| Evans slumped nearly £6m into the red in 2016 and has since faced rising business rates, an increase in the minimum wage and a fall in the value of the pound, which has made imported goods more expensive. | Evans slumped nearly £6m into the red in 2016 and has since faced rising business rates, an increase in the minimum wage and a fall in the value of the pound, which has made imported goods more expensive. |
| In the year to October 2017, sales rose nearly 2% to £138m, but the company recorded another loss, of £2.5m. | In the year to October 2017, sales rose nearly 2% to £138m, but the company recorded another loss, of £2.5m. |
| The problems at Evans came amid a shake out across the high street which has led to well known names including House of Fraser, Maplin and Toys R Us calling in administrators while a number of other big chains, including New Look, Mothercare and Carpetright have all closed large numbers of stores. | The problems at Evans came amid a shake out across the high street which has led to well known names including House of Fraser, Maplin and Toys R Us calling in administrators while a number of other big chains, including New Look, Mothercare and Carpetright have all closed large numbers of stores. |
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