(Sharecast News) - Mike Ashley's Frasers Group has reportedly bought online bicycle retailer Wiggle out of administration.
According to The Times, Frasers - which owns Sports Direct, House of Fraser and Flannels, among others - has agreed a deal to buy the brand and intellectual property of both Wiggle and Chain Reaction Cycles, another online bike store.
Wiggle will add to Frasers' existing cycling business, which includes Evans Cycles.
Frasers was understood to have paid less than £10m for the Wiggle brand and intellectual property.
Wiggle collapsed in October 2023, with debt of £155m. The Times said the deal with Frasers will result in 447 employees losing their jobs.
It was understood that Frasers is attracted to Wiggle's strong social media and online presence, and believes the brand can help its efforts to move its sports business upmarket.
Frasers Group (FRAS)
