Frasers Group buys model identify of Wiggle out of administration
Frasers Group, the retail empire managed by Mike Ashley, has purchased the model identify of on-line biking and sports activities gear retailer Wiggle out of administration – however all 447 jobs on the firm will probably be misplaced consequently.
The deal has price Frasers, which already owns Evans Cycles, lower than £10m, the Sunday Times reported.
Founded in 1991, Wiggle collapsed into administration final October. It relies in Portsmouth and has a distribution centre in Wolverhampton.
![Good times: Wiggle, which was founded in 1991, ran a pro cycle team](https://i.dailymail.co.uk/1s/2024/03/03/19/81985175-13151921-image-m-16_1709492464671.jpg)
Good instances: Wiggle, which was based in 1991, ran a professional cycle group
Administrators pointed to a downturn following the tip of lockdowns.
Wiggle loved gross sales of greater than £200m in its newest monetary yr however sunk to a backside line lack of £75m.