JD Sports and Sports Direct compete with Halfords for Evans Cycles takeover

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JD Sports Fashion and Sports Direct have joined Halfords in the competition to gain control of Evans Cycles. 

According to Sky News, both Sports Direct and JD Sports tabled offers for Evans last week, putting themselves up against Halfords and a number of financial investors.

Evans Cycles is currently looking to sell its business for over £10 million in order to secure a rescue deal and see it through the next few months of trading.

The bicycle specialist has racked up more than £8 million in losses in the last two years.

A takeover of Evans will likely be at a cut-rate price as owner ECI Partners is also looking for a buyer that can meet Evans’ ongoing funding needs.

It’s understood that JD Sports has a genuine interest in acquiring Evans, while it’s unclear whether Sports Direct will be pursuing an Evans’ offer further than its initial indicative bid.

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