Evans Cycles stores closed by Mike Ashley were ‘almost all’ profitable

Mike Ashley announced the closure of half of Evans Cycles stores, despite advice by administrators that ‘almost all the stores were profitable’.

The proposals document obtained by The Telegraph showed that PricewaterhouseCoopers that although almost all of the stores were still profitable, the decision to close them was made due to the company being ‘burdened’ by fixed costs at its head office.

The store closures could lead to around 400 job losses.