Wiggle CRC to cease international sales as administrators' hunt for buyer 'gathers pace'

Wiggle Chain Reaction Cycles will cease international trading as administrators scale the business back to its UK heartland in a bid to find a buyer.

The online retailing group, which went into administration last month amid financial turmoil, had operated international web shops in numerous countries, throughout Europe and further afield in the likes of the USA, Australia and New Zealand.

However, the international Wiggle and Chain Reaction Cycles shops will now close “over the coming weeks”, according to a statement from the administration firm, FRP.

“To ensure that Wiggle CRC is in the best possible position to build on its core strengths and market leading position, the decision has been taken to pivot the business model to solely focus on the UK domestic market which currently accounts for 85% of the group’s revenues,” read the statement.

“This part of the business has been impacted by a range of economic factors including rising international air freight costs and Brexit. The business is committed to honouring all outstanding sales, returns and warranty obligations for international customers through the usual processes.”

• Read more: Wiggle Chain Reaction Cycles goes into administration

The news comes as the administrators continue their search for a buyer for Wiggle CRC.

Earlier this month, the administrators claimed there was “considerable interest” from prospective buyers, and Thursday’s announcement came with the suggestion that the process was "gathering pace".

“The UK market is core to Wiggle CRC’s proposition where it remains the market leader and is a powerful driver for the business’ profitability and current trading performance,” said joint administrator, Tony Wright.

“This has been incredibly attractive to interested parties and we are progressing swiftly with the sale process.”

Wiggle CRC, which was a merger between two of the UK’s leading online cycling retailers, fell into administration towards the end of October, shortly after parent company Signa Sports United filed for insolvency.

Shortly after taking control, the administrators axed more than 100 jobs and Thursday’s news sees the business scaled back even further. Mike Ashley’s Frasers Group were said to be one of the interested parties in purchase proposition.