Private equity group Active has bought a majority stake in bike retail chain Evans Cycles.

Active said the refinancing would “provide the necessary growth capital and expertise that will help the company fulfil its potential”.

Evans Cycles, which has 31 stores, was reported to have been in talks with Sports Direct founder Mike Ashley about selling the business, with a price tag said to be about£35 million.

Evans Cycles, which was a family owned business, has doubled turnover to£45 million in the past three years.

Nick Evans, who led the transaction on behalf of Active, will become executive chairman of Evans Cycles, with Active partners Bryan Vaniman and Spencer Skinner joining the board as directors.

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