Law firm advises high street leader

Thomas Eggar LLP advises F W Evans on its refinancing

Thomas Eggar LLP, a leading law firm in the South, announces today that it has advised the shareholders of Evans Cycles, the largest independent cycle dealer in the UK, on an equity injection by Active Private Equity and refinancing.

With 31 stores nationwide, Evans Cycles has a turnover of £45 million and is also the largest seller of Specialised and Trek brands in the country. Active Private Equity's investment in Evans Cycles together with a new debt finance package provided by Lloyds TSB Bank plc means that Evans Cycles is well placed to further realise its growth potential and take advantage of cycling's ever increasing popularity.

Having worked with F W Evans for six years Thomas Eggar LLP was well placed to advise on this transaction. The firm's team was led by Daniel Bastide, corporate finance partner, and Danos Swain, corporate finance associate, with assistance from Susan Ruggles and Cordelia Sanger, corporate finance solicitor and trainee respectively. Employment advice was given by associate Frances Strickley, tax associate Nitzan Cohen advised on the tax covenant, while the extensive property issues were advised on by solicitors Emma van Klaveren and Sarah Ovenden. PricewaterhouseCoopers provided tax advisory services while other legal services included BPE advising Active Private Equity and Berwin Leighton Paisner advising Lloyds TSB Bank plc.

Danos Swain, commenting on the deal, said: "Our work with F W Evans is an ongoing partnership of which we are very proud and we are delighted to have advised on this deal and played our part in securing the best possible outcome for our client and their ongoing retail operations."

Evans Cycles managing director, Mike Rice added: "The Thomas Eggar team were instrumental in making a very complex transaction as smooth as humanly possible. We have been working with the firm for six years and what we expected, and got, was a first class service. This deal will enable Evans Cycles to realise what I believe could be incredible growth potential and my staff and I are looking forward to being a part of that."