Halfords eyes Evans Cycles

BIKE retailer Halfords is reportedly one of the companies which has tabled an offer to rescue Evans Cycles, its smaller rival.

Evans, which is owned by the private equity house ECI, is thought to need at least £10m to keep its head above water over the coming weeks.

A number of turnaround investors in addition to Halfords have made early offers for the business this week, according to a report from Sky News.

The offers have come after Evans put itself up for sale earlier this month.

Founded in London in 1921, Evans now has 63 shops across the UK.

But it has had a bumpy ride of late as, like other retailers, it has been hit by rising costs and reduced High Street spending.