Retailer urgently seeks £10million of funding
By Andrew Merrell | 11th September 2018
Owners of a shop which will be known to the cycling fraternity of Gloucestershire have approached lenders for an urgent cash injection to their business, it has been reported.
Evans cycles, which has its county store on the Kingsditch Trading Estate, is reportedly in "urgent talks" with lenders as it seeks a cash to offset falling profits.
Details of how much trouble the chain of cycle stores is in is not clear. In the year to the end of October it posted pre-tax losses of £2.5 million, despite a rise in sales, an improvement on the previous year when losses were £5.8 million.
Sky News reported the private equity-backed business had bought in accountancy firm PwC to help with restructuring.
In the last two years Evans has ousted two chief executives, the last one - Andy King - leaving in April after less than 18 months.
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