Wiggle CRC: Everything you need to know about Portsmouth-based sports giant following mass redundancies

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Wiggle CRC has been featured across multiple news outlets regarding its mass redundancies following the company's financial instability.

The sports giant began following the formation of a small bike shop, Butlers Cycles, in 1995. This company quickly moved into online retail and it became Wiggle in 1999, which marked the start of a successful business that expanded considerably over the years.

It became WiggleCRC in 2016 when it merged with its main rival, Chain Reaction Cycles, combining the two largest companies in the UK online cycle retail market. In 2021 the company was acquired by Signa Sports United (SSU), based in Berlin. Before the takeover, Wiggle CRC was the eighth largest privately owned company in the Solent region, with a turnover of £311m.

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The sports retailer sells a range of gear including running shoes, cycling kit, clothes, footwear and accessories, all of which have been designed to endure particular sports. Despite the achievements of the company, however, it found itself in financial trouble last year when it laid off approximately 100 members of staff and assigned administrators to help.

Wiggle CRC is based in Lakeside, North Harbour, in Portsmouth and it also has an operating warehouse in Wolverhampton as well as a site in Belfast. It is now reported that, despite best efforts to save the company, it is going to be sold and the anonymous buyer does not require any staff members, meaning mass redundancies are could be on the cards. According to Cycle News, 'the brands have been bought, but IP only – no staff or stock' and the staff are on a temporary basis.

There have been rumours as to who the potential buyers could be - but as of yet there has been no confirmation who will be purchasing the brand. It is also believed that the retailer has a total of £26.6m worth of debt owing multiple retailers, suppliers and brands money according to financial reports from the administrators.

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