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

NatWest chairman must be replaced over ‘whitewash’ review,...

July 30, 2023

One in ten startup owners blame the Government...

November 22, 2023

10 Tips For Better Investments

September 2, 2023

Secrets of Success: Susie Stubbs, Founder of Totter...

January 26, 2024

Downing Street ponders creating ‘AI Safety Institute’

October 10, 2023

Elon Musk threat of Apple ‘war’ in row...

November 29, 2022

Savills Revises House Price growth forecast to 2.5%...

May 7, 2024

Next in talks to take £15m stake in...

August 8, 2022

Evolve Business Group secures multi-million-pound BGF investment to...

August 5, 2024

Lord Bamford’s £300m family windfall from JCB raises...

October 25, 2024

    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

    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025
    • From Tariffs to Tech: Where Smart Money’s Moving Right Now

      June 6, 2025
    • Your Weekly Stock Market Snapshot: What It Means for Your Investments

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,556)
    • Stocks (3,134)
    • 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