September 26, 2018 / 6:41 PM / 20 days ago

UK's Halfords tables offer for Evans Cycles: Sky News

(Reuters) - British bicycles-to-car parts retailer Halfords (HFD.L) has made an offer for struggling rival Evans Cycles, Sky News reported on Wednesday.

A man removes a bike from in front of Evans Cycles store in Birmingham, Britain September 27, 2018. REUTERS/Darren Staples

Halfords was amongst a list of bidders that presented indicative offers for the almost century old British bike chain earlier this week, Sky said.

Slideshow (3 Images)

Halfords declined to comment on the report while Evans was not immediately available to comment.

The other turnaround investors that were interested required privately-owned Evans to find more than 10 million pounds ($13.2 million) in fresh capital to see it through the next few months of trading, Sky said.

A squeeze on British consumers from inflationary pressures and sluggish wage growth is denting spending on discretionary goods.

Halfords has a market capitalisation of 669 million pounds ($882 million), according to Thomson Reuters I/B/E/S.

Reporting by Mekhla Raina in Bengaluru; Editing by Elaine Hardcastle

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below