Wiggle and Chain Reaction's websites are set to be relaunched next week, as Frasers Group plc confirmed its acquisition of the brands.
In a press release sent out on Friday afternoon, Frasers Group confirmed reports that it had purchased the brands and intellectual property. It follows both Wiggle and Chain Reaction's websites going down this week, after its parent company, WiggleCRC went into administration last year, towards liquidation, and with some parts of the business being taken over.
On Wednesday morning, the regular home pages were replaced with statements. The Wiggle page says, "We'll be back soon, a new Wiggle is coming. Let's Go!" while the one on Chain Reaction Cycles says, "Check back soon for something awesome".
It now appears that the "new Wiggle" and "something awesome" will be new sites, run by Mike Ashley's Frasers Group. The brands and the intellectual property were purchased for less than £10 million this month, with the retailer axing almost all staff - approximately 450.
"Wiggle and Chain Reaction are well established names among riders in the UK and across Europe and the acquisition of both brands is consistent with our ambition to become the no.1 Sporting Goods retailer in Europe," Russell Merry, the managing director of "Wheels" for Frasers Group, said in Friday's press release, which has also been reported on Bikeperfect.
"It also brings with it the opportunity to work with respected partners through the highly admired, award-winning product lines that Wiggle and Chain Reaction had built. We are excited to explore partnerships with suppliers or distributors looking to expand their offering or an organisation looking to get a foothold in the market by leveraging some established names."
The brands acquired, under the title names, include Nukeproof, Vitus Bikes and Ragley, Prime’s components range, DhB clothing, Lifeline Tools, Mobi bike pressure washers and outdoor clothing range, Fohn.
The press release also says that Frasers Group is looking to "create commercial partnerships to enhance and expand these own-brand lines through development, sales, licensing, and international distribution opportunities".
Frasers Group also acquired high street and online retailer Evans Cycles in 2018, for £8 million. In 2021, Evans made over 300 staff members redundant as well as adding the remaining employees to zero-hour contracts.
In 2023, Frasers Group took control of cycling retailer, ProBikeKit, and also agreed to purchase German chain SportScheck, a subsidiary of WiggleCRC's parent company SSU.
Earlier this week, the CEO of UK clothing brand Lusso, Jake Wright, said that the takeover of Wiggle is an opportunity that small companies can benefit from.
"I don't think Wiggle will be the same again," he said. "I think the trends of Mike Ashley's brands… they're all sort of mega discount or entry-level kit, really affordable options. So I imagine Wiggle will turn into that."
