Sports Direct owner secures deal for less than £10m
- Frasers Group acquires online bicycle retailer Wiggle out of administration
- Deal includes purchase of brand and intellectual property of Wiggle and Chain Reaction Cycles
- Sports Direct owner paid less than £10m for the business
- Wiggle will join Frasers’ existing cycling business
- Global supply chains have impacted the cycling industry’s ability to meet demand
- Halfords and Next were also interested in buying Wiggle
Frasers Group, the owner of Sports Direct, has acquired online bicycle retailer Wiggle out of administration. The deal includes the purchase of the brand and intellectual property of both Wiggle and Chain Reaction Cycles. The acquisition is reported to have cost less than £10m. Wiggle will now become part of Frasers’ existing cycling business, which already includes Evans Cycles. The global supply chain disruptions caused by the pandemic have affected the cycling industry’s ability to meet the increased demand. Last year, Halfords and Next also expressed interest in buying Wiggle.
Factuality Level: 8
Factuality Justification: The article provides a factual account of Frasers Group acquiring online bicycle retailer Wiggle out of administration. It includes relevant details such as the purchase price, the addition of Wiggle to Frasers’ existing cycling business, and the context of the cycling industry facing challenges with global supply chains. The article does not contain irrelevant information, misleading details, sensationalism, redundancy, or biased perspectives.
Noise Level: 3
Noise Justification: The article provides relevant information about Frasers Group acquiring Wiggle out of administration, including details about the deal, the impact on the cycling industry, and other potential bidders. It stays on topic and supports its claims with examples. However, it lacks in-depth analysis, accountability, and actionable insights, hence the lower rating.
Financial Relevance: Yes
Financial Markets Impacted: The acquisition of Wiggle by Frasers Group may impact the financial markets and companies in the cycling industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article pertains to a financial topic as it discusses the acquisition of Wiggle by Frasers Group. This acquisition may have implications for the financial markets and companies in the cycling industry. However, there is no mention of an extreme event in the article.
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