Frasers Group, the retail empire controlled by Mike Ashley, has bought the brand name of online cycling and sporting goods retailer Wiggle out of administration – but all 447 jobs at the company will be lost as a result.
The deal has cost Frasers, which already owns Evans Cycles, less than £10 million, the Sunday Times reported.
Wiggle, founded in 1991, fell into administration last October. It is based in Portsmouth and has a distribution center in Wolverhampton.
Good times: Founded in 1991, Wiggle had a pro cycling team
Managers pointed to a decline after the end of lockdowns.
Wiggle posted a turnover of more than £200 million in its last financial year, but slumped to a loss of £75 million.