Evans Cycles drops CEO after just 17 months in the job
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.