Evans Cy­cles drops CEO af­ter just 17 months in the job

Yorkshire Post - Business - - BUSINESS / NEWS - Ros Snow­don CITY EDI­TOR ros.snow­don@ypn.co.uk

Evans Cy­cles has ditched its chief ex­ec­u­tive Andy King af­ter less than two years in the sad­dle.

Mr King, who joined Evans Cy­cles in Novem­ber 2016 amid a slump in prof­its, will be re­placed by Alan Fort as in­terim chief ex­ec­u­tive. Mr King was hired to im­prove the pace of growth at Evans Cy­cles. How­ever, he has now been let go af­ter fail­ing to meet busi­ness tar­gets.

The com­pany said: “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 it added that the firm will con­tinue to make good progress as its seeks a new chief ex­ec­u­tive under the stew­ard­ship of chair­man Mike Tomkins.

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

Evans Cy­cles is owned by pri­vate eq­uity firm ECI Part­ners, which bought the chain for £80m in 2015.

In Evans Cy­cles’ 2016 ac­counts, fi­nance chief Steve Trow­bridge wrote that Mr King would bring “strong lead­er­ship ex­pe­ri­ence” to the busi­ness.

How­ever, the busi­ness is now look­ing for a new boss af­ter just 17 months.

Mr Fort has sub­stan­tial ex­pe­ri­ence in re­tail re­struc­tur­ing, hav­ing worked as chief re­struc­tur­ing of­fi­cer for Jes­sops for four years be­fore mov­ing to take on a sim­i­lar job at bed re­tailer Dreams.

Evans Cy­cles is hop­ing to pick up sales in the com­ing months, af­ter a spate of bad weather in the first quar­ter of the year. The pe­riod be­fore the sum­mer is also the peak trad­ing sea­son for bike re­tail­ers.

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