Evans Cycles has suffered a 69.4 percent slump in pre-tax profits, reports Retail Week, and according to documents filed at Companies House it has refinanced bank loans due to "difficult market conditions.”
The retail chain’s pre-tax profit for the year ending October 31, 2015 fell to £1.36m, down from £4.46m during the preceeding 12-months.
Evans’ majority shareholder, ECI Partners, has also ploughed additional funds into the business.
Evans Cycles has 63 stores in the UK and was sold by former owners Active Private Equity to ECI Partners last May
F.W. Evans Cycles opened on the Kennington Road in south east London in 1921. The business was purchased by Joseph Smith in the 1950s, and later greatly expanded by his son, Gary.
The chain is currently estimated to be worth £100m, and it owns marques such as the Hoy brand developed in conjunction with Olympic gold medallist Sir Chris Hoy. The company has more than 1,000 employees.