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

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.