Nick Wilkinson has left his position as chief executive of Evans Cycles after the retailer’s profits fell last year.
Wilkinson – who had led the bicycle chain since 2011 – left on mutually agreed terms, according the Press Assocation.
In 2015, Evans Cycles’s pre-tax profits plunged by 69 per cent to £1.37 million.
Private equity firm ECI Partnerts, which bought the company for around £80 million in 2015, recently invested more money as part of a refinancing package.
Despite last year’s poor performance it is understood Evans Cycles would have experience an uptick this year thanks to the Olympics, international cycling events and good weather.
The retailer’s chairman, Mike Tomkins, will become interim chief executive until a permanent replacement is found.