Evans Cycles has driven out its chief executive Andy King after less than 18 months in the job as it continues to struggle with a financial turnaround.
According to the Press Association the cycling retailer let King go after he failed to meet business targets and will now be replaced by Alan Fort on an interim basis.
His departure will mark the second chief executive to be ousted by the chain in as many years, following the departure of Nick Wilkinson just two months before King’s appointment in November 2016.
Under Wilkinson operating profits fell 45 per cent, causing the leadership to draft in King to drive a turnaround.
READ MORE:
Despite this, Evans Cycles reported a 58 per cent drop in operating profits in the year to October 31 2016, its last published set of results, with King blaming “oversupply, poor weather and roadworks in London.”
He went on to add that since October 2016 the retailer had enjoyed double-digit like-for-like sales and good gross profits.
“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,” the retailer said.
“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.”
Though Evans Cycles will now search for another chief executive, Fort is understood to have driven turnarounds at camera retailer Jessops and furniture retailer Dreams prior to his appointment at Evans Cycles.
Click here to sign up to Retail Gazette‘s free daily email newsletter
