The merger of the two major online cycling retailers Wiggle and Chain Reaction Cycles should soon be finalised after the deal was cleared by the Competition and Markets Authority (CMA) this week.
The corporate name of the new company will be ‘WiggleCRC’ and is expected to generate revenues in excess of £300m.
Rumours of the merger emerged in February of this year, with the companies officially revealing shortly after that the merger was set to take place pending clearance from the CMA that the deal could go ahead.
Stefan Barden, Chief Executive Officer of Wiggle and Chris Watson, Managing Director of Chain Reaction Cycles, said on the merger: “Together, Wiggle and Chain Reaction Cycles’ first class team of sports enthusiasts and strong heritage and expertise in cycling, running, swimming and tri-sports, will form the foundations for building a global champion.”
Wiggle officially formed in 1999 and is the biggest online cycling retailer in the world. CRC dates back to the 1980s in Northern Ireland with its online store launching in 2000.
In 2013, Wiggle’s sales topped £168m, while CRC’s stood close to £145m.