The high street chain was looking for £10million investment

Retail giant Halfords has stepped in to try and save struggling Evans Cycles, according to reports.

Last week, Evans put out a call for a £10million investment to refit shops, fund store openings and allow e-commerce growth.

Sky News has reported that Halfords, the UK’s biggest bike retailer, is one of the company’s offering to help Evans.

Evans, which opened its first store in Kennington Road, south-east London in 1921, now has over 60 shops within its network as well as an online business.

Insiders said that a bidding process is taking place, to save the historically underfunded business, with numerous parties confirming they are interested in taking over.

The company, which has a head office in Gatwick, is responsible for a host of own-brand creations, such as FWE clothing and accessories as well as Pinnacle bikes.

Cycling Weekly has also reported that more than 10 rival Cycle Republic stores have opened near Evans stores in recent years.

Cycle Republic’s managing director Peter Kimberley left his role as Head of Retail at Evans Cycles in September 2013.

Reports state that Evans is looking for £10million in additional funding but is not considering a company voluntary arrangement (CVA) – which would allow it to shut stores and cut rents without going bust.