'A number of interested parties' in Wiggle CRC as administrators continue search for new buyers

There are already "a number of interested parties" in buying Wiggle Chain Reaction Cycles, according to joint administrator Alastair Massey.

Wiggle CRC is currently on the hunt for new buyers after filing for administration last week, with FRP Advisory appointed as administrators.

Massey, along with colleague Anthony Wright, is leading these efforts. In a LinkedIn post, he said that there had already been interest and encouraged any other prospective buyers to contact him.

“We are actively marketing the business for sale and are already in discussion with a number of interested parties so would encourage any potential buyers to get in touch without delay,” he said.

According to a report over the weekend, Mike Ashley’s Frasers Group could be one of the interested parties. The company most notably counts House of Fraser and Sports Direct, plus a number of other brands under its umbrella.

• Read more: Frasers Group interested in buying Wiggle CRC, according to report

Cycling retailer Evans Cycles was also added to that list in 2018 when, faced with a similar situation to Wiggle CRC, it entered administration and was subsequently acquired by Frasers Group.

Like many other companies, Wiggle CRC has struggled financially over the last few years due to the effects of the COVID-19 pandemic. In a previous statement explaining its yearly losses, CFO Adrian Bruce said the business was, "suffering from the after effects of the Covid pandemic".

Rumours that the company may be forced to enter administration surfaced over recent weeks and were fuelled when its parent company, Signa Sports United (SSU), announced plans to restructure and delisted from the New York Stock Exchange.

• Read more: Wiggle Chain Reaction Cycles goes into administration

More warning signs appeared days later when SSU’s parent company, SIGNA Holding, terminated €150m of its funding.

This had a severe knock-on effect for Wiggle CRC, which was forced to file for administration on October 24. As a part of this, the running of the company has passed over to administrators whose main priority, in this case, is to find new buyers.

In a statement, the administrators were hopeful that a buyer would be found, writing: "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."