Evans Cycles

Evans Cycles: When the Wheels Stop Turning... Literally!

Mike Ashley's Evans Cycles is feeling the financial pinch! With a staggering £22.8m loss, supply chain issues are bringing this bike brand to a halt. 🚲💸

Evans Cycles, a beloved name in the cycling world, is finding itself in choppy waters as it reports a widening loss of £22.8 million. The figures, revealed in significantly delayed accounts, highlight the struggles faced by the brand owned by Mike Ashley's Frasers Group. With the pandemic still leaving its mark on various sectors, it appears that the bike industry's rocky road is far from smooth. Many fans of two wheels are now left wondering what the future holds for their trusted bike shop.

The delayed accounts indicate that Evans Cycles faced several challenges in obtaining supplies, with the firm citing ongoing supply chain issues as a primary contributor to its staggering losses. It’s not just about needing rubber and metal parts anymore; the entire global supply network seems to be in disarray – a bike shop’s nightmare! With the financial reports focused on the year before the purchase of Wiggle Chain Reaction, it's evident that the pressures mounting on Evans were significant even before that acquisition.

As the cycling market experienced a surge in popularity during lockdown, one would expect climbing profits. However, Evans Cycles has been grappling with rising costs and delays, making it harder than ever to push those pedals to profit. Customer dips and operational challenges are making waves, leaving the brand out of breath. Will they turn it around and find their way back into the green or will they continue cycling into the void of debt?

To add a twist to this tale, Evans Cycles isn't alone in its struggle. The entire bike industry is feeling the strain with supply shortages hitting companies everywhere. But on a lighter note, did you know that some cities are seeing historic highs in cycling rates? In London alone, bike usage has skyrocketed. Yes, the wheels might be turning slower for Evans, but the pedal revolution continues for many others! Will Evans Cycles catch a new wave or will they stay stuck in the mud? Time will tell!