Deal worth £100 million would see group turnover approach half a billion pounds

Online cycling retailer WiggleCRC is reportedly set to buy Germany-based Bike24 in a deal said to be worth more than £100 million, according to The Sunday Times.

The acquisition would see the group, formed last year through the merger of Wiggle and Chain Reaction Cycles, grow its presence in Germany, Austria and Switzerland, which are Bike24’s key markets.

The deal, if it goes through, would result in the group’s turnover heading towards half a billion pounds.

Last month, WiggleCRC said that annualised sales for the 52 weeks ending 1 January 2017 would have been £370 million had Chain Reaction been included for the entire period, while Bike24 has yearly turnover of €85 million (£76 million).

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It would also result in the business making a significant increase in the amount of turnover it generates outside the UK.

In the latest financial year, and including Chain Reaction Cycles from 7 July 2016 – the day the merger completed – 47.6 per cent was derived from the UK and 19.2 per cent from Europe, with Rest of World accounting for the remaining 33.3 per cent.

Born in Scotland, Simon moved to London aged seven and now lives in the Oxfordshire Cotswolds with his miniature schnauzer, Elodie. He fell in love with cycling one Saturday morning in 1994 while living in Italy when Milan-San Remo went past his front door. A daily cycle commuter in London back before riding to work started to boom, he's been news editor at road.cc since 2009. Handily for work, he speaks French and Italian. He doesn't get to ride his Colnago as often as he'd like, and freely admits he's much more adept at cooking than fettling with bikes.