Frasers Group buys Wiggle out of administration

Frasers acquired the brand and intellectual property in a deal reported to cost less than £10m.

The deal will add both Wiggle and Chain Reaction Cycles to the group’s existing cycling companies, which include Evans Cycles.

Wiggle fell into administration in October but continued trading during the period offering huge discounts to consumers as it looked to clear stocks.

The Sunday Times reported that nearly 447 staff at the cycling specialist are set to lose their jobs following the acquisition.

Last week, Halfords issued a profit warning following a slowdown in the cycling category as consumers cut discretionary spending amid the higher cost of living.

Other cycling retailers such as Rapha have reported a fall in sales as demand slowed following a peak during the pandemic.