Wiggle, the online cycling products retailer has been virtually cut adrift by its owner Signa Holding which withdrew its £130m funding commitment to its Signa Sports United (SSU) division, of which Wiggle was a subsidiary. The move has already seen Tennis-Point, another SSU business made insolvent, with every likelihood that its other subsidiaries including Wiggle will follow.
The cracks are now starting to show in the cycling sector which enjoyed a boom during the pandemic but is now facing reduced demand with sales down by 30 per cent to £252m last year, resulting in a loss of £111.2m.
As expected Frasers Group is being touted as the most likely party to scoop up the Wiggle brand, if the business hits the buffers.
Share