WiggleCRC sister company enters administration
French retailer Probikeshop becomes the latest of Signa Sports United's portfolio to fall
Probikeshop, one of the sister sites of Wiggle Chain Reaction Cycles (WiggleCRC), has entered administration, according to reports in France.
The online retailer is considered the leading seller of bikes in France, and is now searching for buyers to save the business.
Probikeshop shares the same parent company as WiggleCRC, Signa Sports United, which itself filed for insolvency last month.
According to French news agency AFP, Probikeshop entered administration on 7 November through the Lyon commercial court. The administrators have now asked buyers to submit offers by 1 December.
In 2021, the French retailer experienced a boom in trade, turning over a profit of over €150 million (£130.6 million) and employing 300 people. Following a slump across the industry, these numbers have since fallen, with the company downsizing to 83 employees, and turning over €57 million (£49.7 million).
At the start of October, parent company Signa Sports United announced its own financial troubles, saying it was suffering "severe liquidity challenges" and singling out its “bike segment” brands as underperforming. Just two weeks later, the company closed its North American bike division with a few days’ notice.
Within a month, British site WiggleCRC entered administration. A statement from the administrators, FRP Advisory, read: "WiggleCRC is one of Europe’s best-known sports retailers and has built a committed customer following in the cycling community.
Get The Leadout Newsletter
The latest race content, interviews, features, reviews and expert buying guides, direct to your inbox!
"The administration provides a crucial period of protection for WiggleCRC as we prepare to market the business for sale. The group has a quality stable of brands and a leading market position, so we expect there to be interest and encourage potential buyers to come forward."
Just over a week later, it was revealed by Cycling Weekly that the company had made 105 members of staff redundant. “This decision was not taken lightly,” the administrators said.
In WiggleCRC’s latest company accounts, which cover activities to 30 September 2022, the group posted a pre-tax loss of over £97 million.
WiggleCRC was acquired by Berlin-based Signa Sports United in 2021, while Probikeshop was taken over in 2017. Last year, the parent company chose to uproot the French retailer’s logistical operations to a warehouse in Germany, which saw its workforce halved.
Signa Sports United’s cycling portfolio also includes the German site Bikester, as well as bike brands Vitus and Nukeproof.
This year Black Friday is running from November 24th - 27th. We've rounded up all the best Black Friday bike deals we’ve found in our main hub page. With deals spanning components, tech and riding kit, you're guaranteed to find a bargain.
Thank you for reading 20 articles this month* Join now for unlimited access
Enjoy your first month for just £1 / $1 / €1
*Read 5 free articles per month without a subscription
Join now for unlimited access
Try first month for just £1 / $1 / €1
Tom joined Cycling Weekly as a news and features writer in the summer of 2022, having previously contributed as a freelancer. He is the host of The TT Podcast, which covers both the men's and women's pelotons and has featured a number of prominent British riders.
An enthusiastic cyclist himself, Tom likes it most when the road goes uphill and actively seeks out double-figure gradients on his rides.
He's also fluent in French and Spanish and holds a master's degree in International Journalism.
-
Jumbo-Visma won 3 Grand Tours with 3 different riders in 2023. All of them were wearing these shoes: the Nimbl Ultimate reviewed
The Nimbl Ultimate looks fast even when standing still. But how does it fit and perform?
By Tyler Boucher Published
-
'I can not describe my disappointment and frustration': Bora-Hansgrohe rider hits out at non-selection for Giro d’Italia
German champion Emanuel Buchmann says he was promised "co-leadership" of Bora team, but he has not been picked
By Tom Thewlis Published
-
Introducing the start-up that helps cyclists find local mechanics and get a 'better service'
'We want to support the majority of the smaller, independent chains that are out there,' says Bikebook founder
By Tom Davidson Published
-
Major bike retailer posts profits despite 'downward trend' in cycling industry
Tredz records £1.4m profit after parent company Halfords issues warning
By Tom Davidson Published
-
Wiggle and Chain Reaction Cycles sites back online after Frasers Group takeover
The two brands have relaunched after a week off, with slightly different branding
By Adam Becket Published
-
Wiggle and Chain Reaction websites to be relaunched by Mike Ashley's Frasers Group
"Relaunch" set to take place next week, after Frasers Group acquired the brands
By Adam Becket Published
-
Is this the end for Wiggle and Chain Reaction after 'holding page' displayed on website?
Holding pages present on both websites, with remaining orders set to be fulfilled in 7-10 days
By Adam Becket Published
-
Is it safe to buy from Wiggle as liquidation nears?
Consumer law expert recommends only buying products from retailer that you’ve used before and were satisfied with as liquidators officially appointed by parent company
By Tom Thewlis Published
-
‘The market is in chaos’ - Trek set to make cuts amid high industry stock levels
Brand's reported plan to reduce product line by 40% is a "sensible move", says one industry expert
By Tom Davidson Published
-
What the story of Evans Cycles can tell us about the future of Wiggle
After being bought by Frasers Group, are the woes of Wiggle Chain Reaction Cycles over?
By Tom Davidson Published