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)

By Reuters

Published on 31/10/2018 - 17:04•Updated 25/04/2024 - 11:52

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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.