Job losses to commence following Sports Direct's closure of Evans Cycles stores

Billionaire Mike Ashley has secured a deal to buy Evans Cycles meaning half of the bike chain’s stores are to close.

Hundreds of job losses are said to be on the horizon with this announcement. It follows the news that the firm went into administration before being sold to Sports Direct.

Mike Ashley, who is the founder of Sports Direct, said: “In order to save the business, we only believe we will be able to keep 50 per cent of stores open in the future.”

Evans Cycles currently employs around 1,300 people and has 62 shops.

Evans is the second retailer that Ashley’s firm has kept afloat. In August, Sports Direct paid £90m to buy House of Fraser shortly after the department store chain entered administration.

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.