EVANS Cycles has a day to find a buyer for the chain or else it may go bust.
Sky News reports that advisers to the century old chain have asked potential buyers to put forward their final takeover proposals by the end of the week.
The urgency suggests that the business may be in serious financial trouble and faces going into administration.
The chain has over 60 branches across the UK and is in direct competition with stores like Halfords and online retailer Wiggle.
If it doesn’t find a buyer, it could be the latest victim on the high street to suffer from the effects of rising rents cost and a drop in footfall.
It is still unclear whether the chain will look to arrange a Company Voluntary Arrangement (CVA) which would help it pay off its debts by closing down its worst performing stores.
The chain has been around for almost 100 years, with its first store opening in south east London in 1921.
Now, the firm is owned by the private equity firm ECI Partners.
It’s not the first time that the chain has teetered on the edge of closure.
Back in 2016 it held similar talks with its bank after a drop in bicycle sales threatened the firm’s finances.
Its chief executive for less than two years, Andy King, left the company earlier this year and has been replaced by Alan Fort on an interim basis.
The Sun has contacted ECI Partners for comment.
It’s the latest in a string of high street retailers that are struggling to compete with online brands.
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In March, fashion retailer Next also revealed it will axe 60 of its shops putting 980 jobs at risk.
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