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Sports Direct paid $10 million for Evans Cycles purchase

Sports Direct paid $10 million for Evans Cycles purchase
FILE PHOTO: A man removes a bike from in front of Evans Cycles store in Birmingham, Britain September 27, 2018. REUTERS/Darren Staples/File Photo   -   Copyright  Darren Staples(Reuters)
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(Reuters) – Sports Direct <SPD.L>, the sportswear group controlled by billionaire Mike Ashley, said on Wednesday it had paid 8 million pounds to buy Evans Cycles after it fell into administration.

Sports Direct, which plans to keep half of Evans’ 62 stores open, also said about 2 million pounds of the acquisition price was used to fund Evans Cycles’ October payroll.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sai Sachin Ravikumar)

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