Frasers Group set to purchase WiggleCRC

According to reports over the weekend in The Times, the business – led by Mike Ashley’s son-in-law Michael Murray – is understood to have paid less than £10m for the brand and the intellectual property. As part of the deal, it’s agreed to buy both Wiggle and Chain Reaction Cycles – another online bike store. 

Frasers Group has long been rumoured as a potential suitor once Wiggle went into administration in October after recording losses of £74.9m on sales of £204.2m in the last financial year. The deal will result in 447 employees losing their jobs.

The business is understood to be attracted to Wiggle’s strong media and online presence, and believes the brand can help its efforts to move its sports business upmarket.