Wiggle CRC owed major cycling brands more than £26 million at start of administration
A recently published report shows the extent of money Wiggle Chain Reaction Cycles owed to suppliers, and major brands including Haribo
Pete Trifunovic
Digital Content Creator
© Wiggle
Wiggle CRC has yet to be sold
An administrator's report published this week revealed a clearer picture of the cost of Wiggle CRC entering administration last October.
Published on Companies House, the report listed all the individuals and companies Wiggle Chain Reaction Cycles owed money to when the company entered administration on 27 October.
The total figure of all the debts amassed is over £26 million.
However, according to Road.cc, some creditors have since been paid in full with others owed less than stated due to contractual details.
At the end of November, administration firm FRP announced that the online retailing group would cease international sales in a bid to "ensure that Wiggle CRC is in the best possible position to build on its core strengths and market leading position".
It is understood that a sale of the business is still possible, with administrators revealing that there was "considerable interest" at the end of last year.
Several creditors due over £1 million each from Wiggle CRC
According to the report, released on 3 January, the creditor owed the largest sum is Taiwan-based manufacturer Axman Enterprise Ltd Co. with £1,615,690. Another Taiwanese supplier, Ideal Bike Corporation, is due £1,291,050, while the German distributor Internetstores is owed £1,302,143.
UK company Madison is also due seven figures, with Wiggle CRC owing the parts and accessories supplier £1,095,272 with fellow UK firm Extra UK LTD owed £925,614.
The company is also in debt to several major cycling brands, including Garmin Europe Limited (£853,762), Saddleback Ltd (£815,082), Science in Sport (£662,558), POC Sweden (£507,968), Selle Italia (£400,922), Endura (£387,329), Kask (£260,604), Assos (£255,982) and Vittoria (£208,920).
Wiggle is well-known for chucking a bag of Haribos into the box of every order, however, the report also revealed that the company owes Haribo a not-so-sweet sum of £20,275.
In total, the report lists more than 300 creditors who were owed money at the time Wiggle CRC entered administration.
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