Evans Cycles unsaddles its boss for second time

Evans Cycles has ditched its chief executive Andy King after less than two years at the helm of the retailer.

King, who joined private equity-owned Evans Cycles in November 2016 amid a slump in profits, will be temporarily replaced by retail restructuring expert Alan Fort.

King was hired to grow the bike retailer, but it is understood he is leaving after failing to meet business targets.

The company said yesterday: “After leading Evans Cycles for the last 17 months, the decision has been made that Andy King will step down as CEO of the business.”

But the firm said it hoped to make good progress as a search for a new permanent boss will be led by group chairman Mike Tomkins.

King’s predecessor Nick Wilkinson was similarly dumped after presiding over a 45 per cent fall in operating profit less than two years ago.

Accounts filed at Companies House show that operating profit fell to £2.2m in the year ended 29 October, from £4m the year before.