Frasers Group acquires Wiggle out of administration

Sports Direct owner Frasers Group has acquired online bike retailer Wiggle out of administration.

The purchase has enabled Frasers Group’s to grow its portfolio of cycle brands which includes Evans Cycles and Probikekit.

According to The Sunday Times, the value of the sale was less than £10 million and included the brand and intellectual property of Wiggle and Chain Reaction Cycles. Frasers was said to be attracted by Wiggle’s large digital footprint and social media presence.

However, the move is likely to result in the loss of 447 jobs. Wiggle is based in Portsmouth and also has a distribution centre in Wolverhampton.

Founded in 1991, Wiggle collapsed into administration last autumn.

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