Evans Cycles, one of the UK's most prominent high street and online cycling retailers, has been acquired by Mike Ashley's Sports Direct. However, Ashley warned that half of Evans Cycles' 62 stores across the UK may have to close.

The deal comes several weeks after Evans Cycles announced a need for an urgent injection of £10 million in order to continue trading.

A bid from Halfords was mooted but they reportedly pulled out of the bidding last week, leaving the way clear for Sports Direct.

Mike Ashley said: "We are pleased to have rescued the Evans Cycles brand. However, in order to save the business we only believe we will be able to keep 50% of stores open in the future. Unfortunately some stores will have to close."

Evans Cycles run the popular Ride It series of sportives.
Evans Cycles run the popular Ride It series of sportives.

Evans Cycles was established in 1921 as FW Evans, with its first store on Kennington Road in south east London. The brand's headquarters are currently near Gatwick airport in Crawley.

Sports Direct is part of Mike Ashley's growing retail empire that includes House of Fraser and Tri UK. Ashley has owned bike brand Muddyfox since 2011, and only today it was announced that Sports Direct would begin selling Zipp wheels - perhaps a sign of things to come.

As well as inhouse brands FWE and Pinnacle, Evans have an exclusive partnership with Sir Chris Hoy for his HOY bikes brand. Evans also run the popular Ride It sportive series with road, mixed terrain and MTB events across the country.

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