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Evans Cycles seeks £10m in urgent funding from lenders

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Evans cycles has held urgent talks with lenders in an attempt to secure a cash lifeline to offset falling profits. According to Sky News the near-century-old retailer has hired accountancy firm PwC to advise it on a financial restructuring as it seeks out at least £10 million in funding from its principle lenders to keep it afloat. READ MORE: Evans Cycles dumps 2nd CEO in as many years Though details of just how much trouble the retailer is in are not yet clear, it posted pre-tax losses of £2.5 million in the year to October 28 2017 despite sales edging up, following losses of £5.8 million a year prior.

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Evans Cycles seeks £10m in urgent funding from lenders

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