Evans Cycles has put itself up for sale as it looks to secure £20 million to fund its rescue plan.
According to a report by the BBC, PwC is managing the sale and is in talks with a number of potential buyers.
Founded in 1921 by London cyclist Frederick W Evans, the retailer is now owned by private equity firm ECI Partners, who originally appointed PwC to advise it on a financial restructuring.
It’s thought Evans could need around £20 million to fund a turnaround plan, of which its current backers and bankers will provide half.
That leaves another £10 million to be raised via a sale of the business, which currently trades from more than 60 outlets in the UK.
Evans posted a pre-tax loss of £2.5 million in the year to October 28 2017, despite sales edging up for that time, and a loss of £5.8 million the year before.
It is understood PwC has asked for bids by the end of next week, although Evans is not thought to be seeking a rescue deal or company voluntary arrangement.