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Wiggle tipped to make £100m purchase of Bike24

Joe Robinson
23 Oct 2017

WiggleCRC looks to expand with £100m takeover of German company Bike24

Online cycling retailer WiggleCRC looks set to complete a £100m purchase of German retail rival Bike24, according to reports in The Sunday Times.

The British-based company is said to be in advanced talks with Bike24, with Bridgepoint, the private equity firm behind WiggleCRC, alleged to be willing to pay over £100m for the sale.

This latest move for expansion comes a year from their acquisition of Northern Irish rival Chain Reaction Cycles. 

The merger, that took place in February 2016, saw two of the biggest online cycling retailers in the UK join forces, solidifying its hold on the UK online cycling market.

The Sunday Times reported that WiggleCRC saw sales of £283m last year, enjoying underlying earnings of approximately £7m.

With the purchase of Bike24 - whose trade predominantly lies within Germany, Austria and Switzerland - revenues are expected to increase by €85m.

This latest buyout contradicts reports that Bridgepoint, who bought out Wiggle in 2011, is looking to potentially sell or stock market float the Portsmouth-based company.

This expansion into central Europe will likely see the company grow into new markets helping confirm its place as one of the world's biggest online cycling retailers.

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