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Frasers Group, the retail empire controlled by Mike Ashley, has bought online cycling and sports equipment retailer Wiggle’s brand out of administration, but all 447 of the company’s jobs will be lost as a result.
The deal has cost Frasers, which already owns Evans Cycles, less than £10m, the Sunday Times reported.
Founded in 1991, Wiggle collapsed into administration last October. It is headquartered in Portsmouth and has a distribution center in Wolverhampton.
Good times: Wiggle, founded in 1991, ran a professional cycling team
Administrators pointed to a slowdown following the end of lockdowns.
Wiggle enjoyed sales of more than £200m in its last financial year but suffered a final loss of £75m.