It has been revealed that CEO of Evans Cycles, Nick Wilkinson has resigned from the company on mutually agreed terms due to lower profits in the last year.

Figures show that the bike chain’s pre-tax profits dropped 69% to £1.37 million in 2015, however it was bought for around £80 million in the same period by private equity firm ECI Partners which has invested in the company as part of a refinancing package.

Taking his place as interim chief executive will be chairman Mike Tomkins until the company finds a permanent replacement.