Sports Direct save Evans Cycles, but will still close stores

Sports Direct announced on Tuesday that it had purchased cycling retailer Evans Cycles out of administration.

The company has said that it will keep half of Evans Cycles’ 62 stores open.

Mike Ashley, founder of Sports Direct, said: "In order to save the business, we only believe we will be able to keep 50% of stores open in the future."

The deal sees Mike Ashley return to the Sports and Outdoor sector that has been so involved in his career.