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The German e-commerce giant, also behind Bikester and Probikeshop, said that weaker consumer demand in the cycling sector has continued to impact its finances
Overall revenue for the group, which was bought by German retailer Signa Sports United in 2021, also fell by 30 percent to £252 million
Signa Sports United predicts huge growth in online sports retailing, with e-bikes in the vanguard
Signa Sports United’s acquisition of UK business is tied to its forthcoming NYSE IPO and creates a group with annual sales of $1.6 billion
Combined business has turnover of £500 million
Deal worth £100 million would see group turnover approach half a billion pounds
Firm was created following merger between Wiggle and Chain Reaction Cycles
WiggleCRC was formed earlier this year following merger between Wiggle and Chain Reaction Cycles
Merged company announced it will move the Chain Reaction Cycles jobs to Wolverhampton by late summer 2017 in a bid to improve delivery times
Strong pound in 2015 hit overseas sales at Wiggle and merger partner Chain Reaction Cycles
