Evans Cycles Struggling!

[DS240]

JPJPJP said:

Had a look at the money owed by Evans when it went skint. Nasty.

Bmc £334k, Brompton £124k, Cambrian (conti distributor) £201k, CSG (cannondale and others) £2.9m, endura £661k, Mavic £182k, specialized £3.9m, trek £1.9m and many other distributors and wholesalers owed tens of thousands

Sure, there might be a bit to come from sports direct to facilitate future trading, but this is very damaging to the industry

It is/was a big chain, but you’d think as a company/distributor when you’re owed say 500k some alarm might be going off. But multi millions seems to be an incredible amount to be on credit for these companies.

[rastapasta]

DS240 said:

JPJPJP said:

Had a look at the money owed by Evans when it went skint. Nasty.

Bmc £334k, Brompton £124k, Cambrian (conti distributor) £201k, CSG (cannondale and others) £2.9m, endura £661k, Mavic £182k, specialized £3.9m, trek £1.9m and many other distributors and wholesalers owed tens of thousands

Sure, there might be a bit to come from sports direct to facilitate future trading, but this is very damaging to the industry

It is/was a big chain, but you’d think as a company/distributor when you’re owed say 500k some alarm might be going off. But multi millions seems to be an incredible amount to be on credit for these companies.

credit insurance will cover this.

[anonymous-user]

The Administrators report states that credit insurance cover was withdrawn sometime during 2018

There was also the small matter of an EU VAT liability of £2.5m that surfaced - seemingly by surprise

[rastapasta]

JPJPJP said:

The Administrators report states that credit insurance cover was withdrawn sometime during 2018

There was also the small matter of an EU VAT liability of £2.5m that surfaced - seemingly by surprise

I really do wonder how some of the companies are ran when things such as this are allowed to happen. I would also question the due diligence of some of the bigger creditors if some of those liabilities were incurred within the last six months. Did nobody flag that the shop was on it knees? I know Evans are a big name but still know harm to KYC them and do some digging.

[anonymous-user]

The 2 Directors were only paid £560k between them in the 2017 year and there were only 159 people working in 'central support' roles

Things such as a £2.5m VAT liability could, I suppose, slip past unnoticed if they were all spending all of their time begging suppliers for a bit more stuff on tick

</cynic>

[moanthebairns]

I notice that a lot of stuff is now marked with clearance, with one or two size options. I've been looking last few weeks as I have £60 vouchers to spend but there isn't any new stock coming. I guess they're clearing what they have and not replenishing or renewing stock now.

[Celtic Dragon]

My lbs made the flippant remark yesterday that they had a bike on show as Scott weren’t dealing with Evans anymore!

Was a nice bike too, and well be my next bike in April.

[addey]

moanthebairns said:

I notice that a lot of stuff is now marked with clearance, with one or two size options. I've been looking last few weeks as I have £60 vouchers to spend but there isn't any new stock coming. I guess they're clearing what they have and not replenishing or renewing stock now.

When did you get your vouchers? Pretty sure they were expiring any older vouchers (from before the takeover I think) at the end of January.....

[Ilovejapcrap]

Sorry for my confusion has it gone busy ?

Has it a new owner ?

I’m out of touch

[soad]

Ilovejapcrap said:

Sorry for my confusion has it gone busy ?

Has it a new owner ?

I’m out of touch

Evans Cycles sold to Mike Ashley’s Sports Direct as part of pre-pack administration

[moanthebairns]

addey said:

moanthebairns said:

I notice that a lot of stuff is now marked with clearance, with one or two size options. I've been looking last few weeks as I have £60 vouchers to spend but there isn't any new stock coming. I guess they're clearing what they have and not replenishing or renewing stock now.

When did you get your vouchers? Pretty sure they were expiring any older vouchers (from before the takeover I think) at the end of January.....

I swapped some Clubcard points for vouchers this month. I saw a few things I wanted but on closer inspection they had nil normal sizes.

Tbh, I always found them good before now the website is barren.

[Not Ideal]

I walked into a Cycle Surgery last night as I had 10mins to kill. What a complete shambles. The salesman was dressed looking like he had just got out of bed and was sitting on the stairs texting on this phone. I had to step around him to get downstairs as he made no attempt to move.

No-one asked me if I needed any help, the shop itself was a cluttered mess and my only interaction with the salesman was to hear him yell across the shop to the mechanic asking him to put the kettle on.

If this is the norm then Cycle Surgery can't be long for this world.

[S1KRR]

Not Ideal said:

I walked into a Cycle Surgery last night as I had 10mins to kill. What a complete shambles. The salesman was dressed looking like he had just got out of bed and was sitting on the stairs texting on this phone. I had to step around him to get downstairs as he made no attempt to move.

No-one asked me if I needed any help, the shop itself was a cluttered mess and my only interaction with the salesman was to hear him yell across the shop to the mechanic asking him to put the kettle on.

If this is the norm then Cycle Surgery can't be long for this world.

My local Cycle Surgery lasted all of 2 years I think before disappearing.


Connected to Runners Need and I think Cotswold Outdoor leisure. CS and RN Tend to be on my list of "I know what I want and they have it cheaper/in stock/free delivery"

[idiotgap]

I tried to visit Evans at Spitalfields nr Liverpool St. Station in London today. Sadly there was a note from the landlord in the window that said they'd taken possession yesterday due to the lease having expired.

As far as I know we still have Mark Lane, St. Paul's and London Bridge in the city area.

[Henners]

Is it all collapsing?

I’m buying a new bike and if I buy it from Evans I’ll save £500 (c20%) due to how my work benefits work...

[anonymous-user]

Henners said:

Is it all collapsing?

I’m buying a new bike and if I buy it from Evans I’ll save £500 (c20%) due to how my work benefits work...

As long as you don’t part with the money before taking possession of the bike...

Some shops and the online will probably survive, though what form that will look like remains to be seen

[Croutons]

JPJPJP said:

Had a look at the money owed by Evans when it went skint. Nasty.

Bmc £334k, Brompton £124k, Cambrian (conti distributor) £201k, CSG (cannondale and others) £2.9m, endura £661k, Mavic £182k, specialized £3.9m, trek £1.9m and many other distributors and wholesalers owed tens of thousands

Sure, there might be a bit to come from sports direct to facilitate future trading, but this is very damaging to the industry

You’d think there is stock against that though- they now have 2019 models in my local (Bristol), Trek, Cannondale, even BMC.

None of the staff wanted to talk to me though, but they were quite happy to chat to each other......

[idiotgap]

Henners said:

Is it all collapsing?

I’m buying a new bike and if I buy it from Evans I’ll save £500 (c20%) due to how my work benefits work...

Vitality?

[Henners]

idiotgap said:

Henners said:

Is it all collapsing?

I’m buying a new bike and if I buy it from Evans I’ll save £500 (c20%) due to how my work benefits work...

Vitality?

The insurer? No.

[idiotgap]

It just sounded like the benefit I get through vitality. I found the local evans had gone because I was thinking about buying a brompton and getting £500 back, went to the shop to have a look at one.
https://www.vitality.co.uk/rewards/partners/fitnes...