Boss of Evans Cycles quits company following profits slump
Evans Cycles has parted company with chief executive Nick Wilkinson after the retailer's profits fell last year.
It is understood that Mr Wilkinson, who had been at the helm since 2011, left the company on mutually agreed terms. Evans, owned by private equity firm ECI Partners, hit the skids in 2015 when pre-tax profits slumped 69% to £1.37 million.
"Nick's departure was a mutual agreement and he and ECI have left on good terms," a person familiar with the matter told the Press Association.
ECI, which bought the bicycle chain for around £80 million last year, recently pumped more cash into the business as part of a refinancing package.
Despite last year's poor performance, the source added that the wheels are not coming off the business.
"The firm expects to sustain good trading momentum it has seen in 2016 off the back of the Olympics, the good weather and cycling events."
Chairman Mike Tomkins, the former boss of online retailer M&M Direct, will step into the chief executive saddle until a permanent replacement is found.