The company launched its first Wiltshire store in Trowbridge to a fanfare when it opened in March 2022.
But now Evans Cycles has announced the store at The Gateway shopping centre in Trowbridge is to close in the first week of January.
The store has posted large yellow ‘closing down’ posters in its windows, with 20 per cent off everything, although exclusions apply.
Many shoppers were not surprised, with some commenting on social media that the items for sale were expensive and the service was poor.
One resident, Christopher Maidment, said: “They have put in planning for an upstairs for a new shop owned by Sports Direct.”
The Gateway shopping centre is owned by Mike Ashley, of the Frasers Group, which also owns Sports Direct and Evans Cycles.
Frasers Group has been approached for comment.
Back in 2022, Matthew Atkinson, head of cycling strategy at Frasers Group, said: “I’m thrilled to announce the opening of our brand new Trowbridge store.
“We strongly believe that cycling will play an increasingly vital role in the way we move as a nation in years to come and look forward to helping Trowbridge’s community enjoy the ride.”
Covering 5,868 square feet, the store stocked 145 bikes covering road, MTB hybrid, electric and children’s bikes, from well-renowned brands such as Specialized, Cannondale, Brompton, Raleigh and Evans Cycles’ own Pinnacle brand.
In August, the trade magazine Cycling Weekly reported that the high street retail chain was offering reductions of up to 90 per cent in a huge sale of bikes and equipment.
The sale came in the wake of the company’s latest financial report which showed a pre-tax loss of £23.2 million in the financial year to April 2023, up from a loss of £5.3 million the year before. This decreased to £22.8 million post-tax.
Creditors owed within 12 months had increased to £145.2 million, up from £58.2 million the year before, according to Evans Cycles’ financial statement.
The company’s financial losses and the sale are part of what has been an ongoing saga throughout the cycling industry, the magazine said.
Cycling Weekly said numerous cycle suppliers and retailers have had to close their doors over the past few years.
The magazine reported that the downturn in the sector was driven largely by supply chain issues not helped by Brexit.