Frasers Group, the retail empire controlled by Mike Ashley, has bought the brand name of online cycling and sports equipment retailer Wiggle out of administration – but all 447 jobs at the company will be lost as a result.
The deal has cost Frasers, which already owns Evans Cycles, less than £10m, the Sunday Times reported.
Founded in 1991, Wiggle collapsed into administration last October. It is based in Portsmouth and has a distribution centre in Wolverhampton.
Good times: Wiggle, which was founded in 1991, ran a pro cycle team
Administrators pointed to a downturn following the end of lockdowns.
Wiggle enjoyed sales of more than £200m in its latest financial year but sunk to a bottom line loss of £75m.
