WiggleCRC has confirmed that it has bought the German online cycling retailer, Bike24.
As we reported yesterday, news of the deal was broken by The Sunday Times, which put a price tag of £100 million-plus on the transaction.
> WiggleCRC reportedly set to buy online German retailer Bike24
According to WiggleCRC, former by the merger last July of Wiggle with Chain Reaction Cycles, there is “minimal overlap” between its customers and those of Bike24,
It added that Bike24 would continue to trade as a separate business within the group.
Brian McBride, Chairman of WiggleCRC said: “The acquisition of Bike24 is an important step in the group’s broader strategy of creating a global ecommerce champion in the growing cycling and tri-sports markets.”
Wiggle CRC’s latest accounts, filed last month, revealed that the group now derives most of its turnover from outside the UK.
> Local bike shops look away now - reports of worsening losses at Wiggle are exaggerated
International sales will be further boosted by its acquisition of Bike24, which trades principally in Germany, Austria and Switzerland and has annual turnover of almost €85 million (£76 million).
McBride added: “The combined business will have pro forma revenues of circa £500 million and a more diversified income stream, with international sales increasing from 52 per cent of group currently, to circa 60 per cent.”
WiggleCRC CEO Will Kernan said: “Bike24 is a leading German operator and a much admired and respected retailer.
“We are delighted to bring Bike24 within the WiggleCRC group. The Bike24 brand, team and customer proposition will remain and will be further supported by the WiggleCRC business.
“Customers across the group will benefit from a broader offering of leading brands, great service and compelling value,” he added.
Bike24’s CEO, Andrés Martin-Birner, commented: “I am hugely proud of all that our team has achieved in the last 15 years.
“In WiggleCRC we have found a partner who will add support to our ambitious growth plans and protect the brand and the culture of Bike24.
“We will share knowledge, our passion for cycling and tri-sports and together we will approach the future with confidence.”
I think that holds for all of those <placename> Live local news websites. They're all put together by scraping social media for vaguely...
Well, they appear to have managed to keep the UK VAT part for their own pockets, whilst not claiming on invoice that UK VAT applied. Hence, this ...
Not sure what they would be charged with. In Scotland there's a crime of Reckless Endangerment but I don't think there's an equivalent crime in...
I have the 650s on my best bike, they're very good. Might not be necessary though, there's plenty of clearance for 28mm tyres (and guards) with...
Don't worry about showing any pictures of them actually on a bike, we can always use our imaginations...
Bear in mind Trek have massively hiked the prices of 2021 bikes over the last week. That SL6 Pro goes up £350 to £3700....
Poor guys ;-( I hope they heal well and fast and the driver has his foreskin pulled over his head in a public place ;-(
....it seems to be a recent issue. I have some older kit which is fine. Okay, you've always got the excellent repair service to fall back on, but...
What! You find the correct use of a company name irritating! I bet that Toys are Us shop sign unbearable. The one I cringe over is that little...
So it makes sense to note have it in the oval office or other parts of the building that operate at a classified level or higher, but surely there...