Frasers Group, which is already the owner of Evans Cycles, has acquired the Wiggle & Chain Reaction Cycles brands and IP for a sum amounting to less than £10m from administrators FRP Advisory. This will result in the loss of 447 jobs as Frasers consolidates the acquisition with Evans Cycles in a boost for its sports-related portfolio.
The cycling sector has taken a nosedive of late, with many consumers having made their significant purchases during the Covid lockdown period in which demand has risen exponentially. Retailers were then thwarted by supply chain issues which caused deliveries to be delayed, resulting in lost demand and heavy discounting when the inevitable over-stocking across the sector met with falling consumer confidence.
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