Frasers mulls rescue of Wiggle after collapse
The news that Frasers is looking to bid to rescue Wiggle comes just days after it struck a deal to buy Germany’s SportScheck chain, also from Signa
Frasers is mulling over rescuing online bike retailer Wiggle after it collapsed into administration earlier last week, Sky News has reported.
According to Sky, the retailer, best known for its Sports Direct chain, is one of a few other groups looking to rescue WiggleCRC.
WiggleCRC, which includes Wiggle, Chain Reaction Cycles and the Vitus and Nukeproof cycling brands, fell into administration after it lost the financial support of parent company Signa Sports United.
FRP Advisory has been appointed to handle the insolvency.
The news that Frasers is looking to bid to rescue Wiggle comes just days after it struck a deal to buy Germany’s SportScheck chain, also from Signa.
WiggleCRC employs about 450 people, and is continuing to trade during the administration process.
Tony Wright, partner at FRP and joint administrator, said: “WiggleCRC is one of Europe’s best-known sports retailers and has built a committed customer following in the cycling community.
“The administration provides a crucial period of protection for WiggleCRC as we prepare to market the business for sale.”
He added: “The group has a quality stable of brands and a leading market position, so we expect there to be interest and encourage potential buyers to come forward.”
Frasers Group was contacted for a comment.
