WiggleCRC, the online sports retail group, is set to be put up for sale following the appointment of Joint Administrators.
Alastair Massey and Tony Wright of specialist business advisory firm FRP were appointed to Mapil Midco 1 Limited and Wiggle Limited on 25th October 2023. A group of subsidiary companies that form the remainder of WiggleCRC including Chain Reaction Cycles Limited, Chain Reaction Cycles Retail Limited and Hotlines Europe Limited are expected to be placed into administration imminently.
WiggleCRC was formed in 2017 following the merger of Wiggle and Chain Reaction Cycles. It was later acquired by Signa Sports United in 2021 and now operates a stable of brands across the cycling, triathlon, running and outdoor adventure gear markets, including Wiggle, Chain Reaction Cycles, Vitus, Nukeproof, dhb and Hotlines.
WiggleCRC and its brands remain fully operational and will continue to trade. The business, which employs around 450 staff, has headquarters in Portsmouth, UK and operates a 320,000 sq ft warehouse facility in Bilston, Wolverhampton. All staff have been retained by the Joint Administrators at this stage.
The appointment of the Joint Administrators and sale process come after the company lost its financial support through its parent company Signa Sports United NV.
Tony Wright, Partner at FRP and Joint Administrator of WiggleCRC, said: “WiggleCRC is one of Europe’s best-known sports retailers and has built a committed customer following in the cycling community. The administration provides a crucial period of protection for WiggleCRC as we prepare to market the business for sale. The group has a quality stable of brands and a leading market position, so we expect there to be interest and encourage potential buyers to come forward.
“We’d like to reassure customers that all operations are running as normal, including the websites and online sales of Wiggle.com, ChainReactionCycles.com and hotlines-uk.com . Customer service support is live and can be contacted with any queries through the respective websites.”