Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Mike Ashley’s Frasers Group Acquires Wiggle Bicycle Retailer

by March 4, 2024
March 4, 2024
Mike Ashley’s Frasers Group Acquires Wiggle Bicycle Retailer

Mike Ashley’s Frasers Group has acquired the online bicycle retailer Wiggle out of administration, seizing an opportunity amidst the industry’s turmoil.

Frasers, which owns Sports Direct, has finalised a deal to purchase the brand and intellectual property of both Wiggle and Chain Reaction Cycles, another online bike store.

Wiggle’s addition will complement Frasers’ existing cycling business, which includes Evans Cycles.

Under the leadership of chief executive Michael Murray, Ashley’s son-in-law, Frasers reportedly acquired the Wiggle brand and intellectual property for less than £10 million.

The acquisition comes at a time when the cycling industry is facing significant challenges. Global supply chain disruptions have hindered the industry’s ability to meet the increased demand experienced during the pandemic. As supply issues eased, consumer demand waned, leaving retailers with surplus stock that had to be discounted. This challenge has been further exacerbated by inflation and weakened consumer confidence.

Wiggle entered administration last October with debts amounting to £155 million. As a result of the deal with Frasers, 447 employees will lose their jobs.

Frasers is believed to be drawn to Wiggle’s robust social media and online presence, seeing potential for the brand to bolster its efforts in elevating its sports business. The company has refrained from providing further comments on the acquisition.

Last week, Halfords issued a warning to investors, anticipating pre-tax profits to be approximately 25 per cent below expectations, partly due to sluggish demand for cycling equipment. The company also highlighted widespread discounting in response to the challenges in the cycling market.

Read more:
Mike Ashley’s Frasers Group Acquires Wiggle Bicycle Retailer

0
FacebookTwitterGoogle +Pinterest
previous post
Congressional leaders unveil bill to fund government, Johnson and Schumer both claim wins
next post
Chancellor Urged to Boost Electric Car Sales with VAT Reduction

You may also like

More Housing’s launch is a new start in...

January 16, 2023

Jaguar Land Rover resumes US exports despite Trump...

May 4, 2025

Business Champion Awards finalists revealed for Diversity and...

February 16, 2023

Homebase owes £650m unsecured debt as administration details...

January 31, 2025

Red Bull Team Principal Faces Uncertain Future Amid...

February 9, 2024

Reasons Your Business Should Invest in a Telecom...

December 23, 2022

Women-owned small businesses to benefit from grants throughout...

July 3, 2023

Optimizing public transport with intelligent technology

November 29, 2023

Channel 4 sales launches competition to champion sustainable...

March 3, 2025

AIB invests €8.5 million in solar developer and...

December 20, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Why Hosting Live Events Is a Game-Changer for Business Growth

      July 18, 2025
    • Longtime Joe Biden aide to appear under subpoena after Jill’s ‘work husband’ pleads Fifth

      July 18, 2025
    • Netflix turns to generative AI for visual effects in original series The Eternauts

      July 18, 2025
    • Company insolvencies fall in England and Wales, but experts warn challenges remain

      July 18, 2025
    • Why Casinos Without a Swedish Licence Are Flourishing in 2025

      July 18, 2025
    • The Unexpected Items That Double as Networking Tools

      July 18, 2025

    Categories

    • Business (8,523)
    • Investing (2,128)
    • Politics (16,104)
    • Stocks (3,217)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved