Frasers rescues Wiggle from administration
The Times said it was understood that the Sports Direct owner paid less than £10m for the business
Frasers Group has acquired online bicycle retailer Wiggle out of administration, The Sunday Times has reported.
Frasers reportedly agreed a deal to purchase the brand and intellectual property of both Wiggle and Chain Reaction Cycles, another online bike store.
The Times said it was understood that the Sports Direct owner paid less than £10m for the business.
Wiggle will add to Frasers’ existing cycling business, which includes Evans Cycles.
The deal comes as global supply chains have left the cycling industry struggling to “service the booming demand it enjoyed during the pandemic”.
Last year, it was reported that Halfords was among a group of retailers expressing interest in buying Wiggle.
Next was also believed to have been considered bidding, although a spokesperson for the company denied any interest.
Wiggle, which fell into administration last year, employs 450 people.
Frasers has been contacted for further comment.