| "The Joint Administrators of WiggleCRC are directing a shift in the group’s business model which will see it focus its efforts solely on the UK market. The announcement comes as a process to sell the business gathers pace amidst ongoing talks with multiple parties. Alastair Massey and Tony Wright of specialist business advisory firm FRP were appointed to Mapil Midco 1 Limited and Wiggle Limited on 24 October 2023. Insolvency practitioners from FRP have also been appointed as Joint Administrators to Chain Reaction Cycles Limited, Chain Reaction Cycles Retail Limited and Hotlines Europe Limited. To ensure that WiggleCRC 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. The international Wiggle and Chain Reaction web shops will therefore be closed over the coming weeks. 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 honoring all outstanding sales, returns and warranty obligations for international customers through the usual processes. Tony Wright, Partner at FRP and Joint Administrator of WiggleCRC, said: “The UK market is core to WiggleCRC’s proposition where it remains the market leader and is a powerful driver for the business’ profitability and current trading performance. This has been incredibly attractive to interested parties and we are progressing swiftly with the sale process.”—WiggleCRC |
