Wiggle (brand)

{{Short description|European online sports retailer}} {{Use dmy dates|date=March 2018}} {{Infobox company | name = WiggleCRC Group | type = [[Private company|Private]] | area_served = Worldwide | key_people = Huw Crwys-Williams <small>([[board of directors|CEO]])</small> | industry = Online sports retail | genre = | products = [[Triathlon]] equipment. [[Bicycles]], components and accessories. [[Running]] shoes and apparel. [[Swimming (sport)|Swimming]] products. Outdoor and casual sports apparel. [[Tools]] etc. | services = | revenue = £400+ Million (WiggleCRC Group) | operating_income = | owner = SIGNA Sports United (NYSE: SSU) | num_employees = c.900 (WiggleCRC Group) | divisions = | subsid = | footnotes = | location_city = [[Portsmouth]] | location_country = England | dissolved = March 2024 }} '''Wiggle''' is an online brand of the [[Frasers Group]], having been bought after WiggleCRC went into administration with losses of £97 million.<ref name="wcrc-company-ending-1">{{cite web |author1=Tom Davidson |title=What the story of Evans Cycles can tell us about the future of Wiggle |url=https://www.cyclingweekly.com/news/what-the-story-of-evans-cycles-can-tell-us-about-the-future-of-wiggle |website=[[Cycling Weekly]] |publisher=cyclingweekly.com |access-date=20 April 2024 |date=7 March 2024}}</ref>

Previously Wiggle was part of the WiggleCRC group, which included [[Chain Reaction Cycles]], however only the brands were transferred to the new owners.<ref name="wcrc-company-ending-2">{{cite web |author1=Will Jones |title='Once the warehouse is clear, it's game over' – WiggleCRC lays off almost entire workforce |url=https://www.cyclingnews.com/news/once-the-warehouse-is-clear-its-game-over-wigglecrc-lays-off-almost-every-staff-member/ |website=[[Cyclingnews.com]] |publisher=Cyclingnews.com |access-date=20 April 2024 |date=21 February 2024}}</ref>

== History ==

The origins of Wiggle trace back to a local bike shop called Butlers Cycles, located in [[Portsmouth]]. Mitch Dall, a founder of Wiggle, bought the shop in 1995.{{citation needed|date=May 2020}}

Between 1999 and 2009, Wiggle experimented with online retail, and experienced strong growth.<ref>{{Cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8044419/Wiggle-thanks-middle-aged-man-in-lycra-for-record-profits.html|title=Wiggle thanks 'middle aged man in lycra' for record profits|last=Sibun|first=Jonathan|date=6 October 2010|access-date=28 March 2018|language=en-GB|issn=0307-1235}}</ref>

By 2006, Wiggle was turning over £11.8m and [[Livingbridge|Livingbridge private equity]] took a 42% stake in the company. After a further three years of 40% growth, Livingbridge bought the remaining 58% in 2009, including Dall's remaining 26% stake.<ref>{{Cite web|url=https://www.theguardian.com/business/2011/oct/23/cycling-retailer-wiggle-considers-ipo|title=Wiggle considers IPO as cycling becomes the new golf|last=Wood|first=Zoe|date=22 October 2011|website=the Guardian|language=en|access-date=28 March 2018}}</ref><ref name="rides">{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/5262495/Wiggle-founder-rides-off.html|title=Wiggle founder rides off|date=2 May 2009|work=[[The Daily Telegraph]]|access-date=9 November 2015}}</ref>

Livingbridge brought in [[Humphrey Cobbold]] as [[Chief executive officer|CEO]] in December 2009. By 2011, projected annual revenue was £118m<ref>{{Cite web|url=http://www.bridgepoint.eu/media/1864955/bridgepoint_2012_revised_28_05_13.pdf|title=2012 Annual review|website=bridgepoint.eu}}</ref> following strong international growth helped by a weak pound.<ref>{{Cite news|url=https://www.telegraph.co.uk/finance/economics/8964508/Staycations-and-weak-pound-have-boosted-British-trade-says-Bank-of-England.html|title='Staycations' and weak pound have boosted British trade, says Bank of England|last=Monaghan|first=Angela|date=18 December 2011|access-date=28 March 2018|language=en-GB|issn=0307-1235}}</ref>

In 2011, Livingbridge considered taking the company [[public company|public]] in an [[initial public offering]],<ref name="IPO">{{cite news|url=https://www.theguardian.com/business/2011/oct/23/cycling-retailer-wiggle-considers-ipo|title=Wiggle considers IPO as cycling becomes the new golf|work=[[The Observer]]|author=Zoe Wood|access-date=23 January 2014}}</ref> with the company's overall value estimated at £200m,<ref name="flotation">{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8801255/Wiggle-cycles-to-flotation-or-sale.html|title=Wiggle cycles to flotation or sale|work=The Daily Telegraph|access-date=23 January 2014}}</ref> and pre-tax profits having risen from £7.1m to £10.2m in the year to January 2011, following a 123 percent increase in international sales.<ref name="rides" />

After an auction in December 2011, Wiggle was acquired by venture capitalists [[Bridgepoint Advisers|Bridgepoint Capital]] for £180m.<ref>{{Cite web |last=Felsted |first=Andrea |date=2011-12-07 |title=Bridgepoint buys Wiggle for £180m |url=https://www.ft.com/content/de1d02dc-20d6-11e1-816d-00144feabdc0 |access-date=6 June 2017 |website=[[Financial Times]] |language=en-GB}}</ref> Wiggle was now one of 6 European online sports retailers,<ref>{{Cite web|url=http://forum.cyclingnews.com/viewtopic.php?f=21&t=20183|title=What's the best online store for road cycling gear? {{!}} Cyclingnews Forum|website=forum.cyclingnews.com|language=en-gb|access-date=28 March 2018}}</ref> and no 2 in the [[United Kingdom|UK]] to Chain Reaction Cycles.<ref>{{Cite news|url=https://cyclingtips.com/2016/02/wiggle-and-chain-reaction-cycles-are-set-to-merge-how-did-we-get-here-and-what-does-it-mean/|title=Wiggle and Chain Reaction Cycles are set to merge: So how did we get here and what does it all mean? {{!}} CyclingTips|date=15 February 2016|work=CyclingTips|access-date=28 March 2018|language=en-US}}</ref>

In September 2013, after the sale of the business, Cobbold stepped down and Stefan Barden (former CEO of Northern Foods) took over.<ref>{{Cite news|url=https://www.bikebiz.com/people/humphrey-cobbold-leaves-wiggle-ceo-role|title=Humphrey Cobbold leaves Wiggle CEO role|work=BikeBiz|access-date=28 March 2018|language=en-us}}</ref>

In 2015, Andy Bond stepped down and Brian McBride joined as chairman. McBride was formerly the CEO of Amazon UK and is the chairman of the online fashion clothing retailer [[ASOS.com|ASOS]].<ref>{{Cite web|url=https://www.theretailbulletin.com/news/wiggle_appoints_brian_mcbride_as_chairman_02-03-15/|title=Wiggle appoints Brian McBride as chairman|date=2 March 2015 |access-date=28 March 2018}}</ref>

== WiggleCRC ==

The merger of Wiggle and [[Chain Reaction Cycles]] was announced in 2016: by this time No1 and No2 largest global online players in the cycle and tri sports product categories.<ref>{{Cite news|url=http://www.cyclingweekly.com/news/latest-news/wiggle-chain-reaction-merger-moves-closer-completion-cma-clearance-240123|title=Wiggle and Chain Reaction merger moves closer to completion after CMA clearance - Cycling Weekly|date=30 June 2016|work=Cycling Weekly|access-date=28 March 2018|language=en-US}}</ref><ref>{{Cite news|url=http://www.mbr.co.uk/news/wiggle-crc-merger-343812|title=Merger of Wiggle and Chain Reaction Cycles approved - MBR|date=1 July 2016|work=MBR|access-date=6 June 2017|language=en-US}}</ref><ref>{{cite news|url = https://www.shdlogistics.com/news/wiggle-crc-group-partners-with-rebound-to-offer-tailored-global-returns|title = Wiggle-CRC Group partners with ReBOUND to offer tailored global returns|date= December 20, 2018| work = SHD Logistics|access-date= September 5, 2019}}</ref>

In late 2016, Stefan Barden was replaced by Will Kernan <ref>{{Cite news|url=https://www.thetimes.com/business-money/companies/article/business-big-shot-will-kernan-3bd06s36l6p|title=Business big shot: Will Kernan|last=Leroux|first=Marcus|date=2011-12-07|work=The Times|access-date=2018-08-17|language=en|issn=0140-0460}}</ref> as the new Group CEO <ref>{{Cite news|url=https://www.retail-week.com/general-merchandise/wiggle-poaches-the-white-company-boss-will-kernan/7018285.article?authent=1|title=Wiggle poaches The White Company boss Will Kernan|work=Retail Week|access-date=2018-08-17|language=en}}</ref><ref>{{Cite news|url=https://www.retailgazette.co.uk/blog/2017/02/the-white-companys-boss-departs-for-wiggle-role/|title=The White Company's boss departs for Wiggle role - Retail Gazette|last=Stevens|first=Ben|date=2017-02-03|work=Retail Gazette|access-date=2018-08-17|language=en-GB}}</ref> - Kernan was previously the CEO of The White Company, and before that MD and COO at New Look. In January 2019, it was stated that Kernan was to be replaced by Ross Clemmow, a former Debenhams director.<ref>{{Cite news|url=https://www.retail-week.com/sports-and-leisure/ross-clemmow-succeeds-will-kernan-as-wiggle-boss/7030840.article|title=Ross Clemmow succeeds Will Kernan as Wiggle boss|work=Retail Week|access-date=2019-07-01|language=en}}</ref>

The WiggleCRC Group formed after the Competition Commission approved the merger and Wiggle bought 100% of the Chain Reactions Cycle equity from the Watson family for £62m.<ref>{{Cite news|url=https://www.thetimes.com/world/ireland-world/article/watson-clan-cycle-off-with-50m-in-cash-after-sell-out-qxgb35ccq|title=Watson clan cycle off with €50m in cash after sell-out|last=Carey|first=Brian|date=5 November 2017|work=The Sunday Times|access-date=28 March 2018|language=en|issn=0956-1382}}</ref> A key driver of synergies was the closure of CRC's Northern Irish warehouse and distribution infrastructure whose volume was integrated into Citadel in Wolverhampton; this process was concluded in December 2017.<ref>{{Cite news|url=http://road.cc/content/news/230058-local-bike-shops-look-away-now-reports-worsening-losses-wiggle-are-exaggerated|title=Local bike shops look away now - reports of worsening losses at Wiggle are exaggerated|date=29 September 2017|work=road.cc|access-date=28 March 2018|language=en}}</ref>

The Wiggle and Chain Reaction Cycles brands remain distinct, with their own websites. Proforma turnover was over £360m<ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/02667809/filing-history|title=WIGGLE LIMITED - Filing history|website=beta.companieshouse.gov.uk|language=en|access-date=28 March 2018}}</ref><ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/NI036744/filing-history|title=CHAIN REACTION CYCLES LTD - Filing history|website=beta.companieshouse.gov.uk|language=en|access-date=28 March 2018}}</ref> in 2017 and Wiggle was the largest pure-play online sports retailer in Europe.<ref>{{Cite news|url=https://www.retail-week.com/data/data-top-25-pureplay-retailers-by-sales/7021450.article|title=Data: Top 25 pureplay retailers by sales|work=Retail Week|access-date=28 March 2018|language=en}}</ref><ref>{{cite news|url = https://postandparcel.info/99274/news/wiggle-crc-to-offer-tailored-global-returns/|title = WIGGLE-CRC TO OFFER TAILORED GLOBAL RETURNS|date= December 14, 2018 | work = Post & Parcel|access-date= September 5, 2019}}</ref>

In October 2017 it was announced that WiggleCRC had bought a German competitor and market no.{{nbsp}}2, Bike 24, for a reported £100m,<ref name="Cycling Weekly">{{Cite news|url=http://www.cyclingweekly.com/news/latest-news/wigglecrc-acquires-german-rival-bike24-reported-100m-move-356123|title=WiggleCRC acquires German rival Bike24 in reported £100m deal - Cycling Weekly|date=23 October 2017|work=Cycling Weekly|access-date=28 March 2018|language=en-US}}</ref><ref>{{Cite news|url=https://www.bikebiz.com/retail/wigglecrc-makes-100m-move-on-german-rival-bike24|title=WiggleCRC makes £100m move on German rival Bike24|work=BikeBiz|access-date=28 March 2018|language=en-us}}</ref> giving access to German suppliers and a potential 'Brexit hedge'.<ref>{{Cite news|url=http://www.cyclist.co.uk/in-depth/2233/brexit-and-the-bicycle-what-does-the-uks-departure-from-the-eu-mean-for-cycling|title=Brexit and the bicycle: What does the UK's departure from the EU mean for cycling?|work=[[Cyclist (magazine)|Cyclist]]|access-date=28 March 2018|language=en}}</ref>

In 2018, a Chain Reaction Cycles' employee was critical of the group's actions after the merger; citing continued redundancies, shift patterns and a perceived shift of operations away from Ireland to Wolverhampton.<ref>{{Cite web|title=Wiggle-CRC rejects insider's claim of crisis at Chain Reaction Cycles|url=https://road.cc/content/news/240463-wiggle-crc-rejects-insiders-claim-crisis-chain-reaction-cycles|date=2018-04-19|website=road.cc|language=en|access-date=2020-05-08}}</ref>

On 27 October 2023 a notice was published to The Gazette announcing an administrator for the Wiggle Limited business following a period where the parent company's key financial backer pulled the plug on financing.<ref>{{cite web | url=https://www.cyclingelectric.com/news/wiggle-appoints-administrator | title=Wiggle Limited appoints administrator | date=27 October 2023 }}</ref> This eventually resulted in most of the staff being laid off in February 2024,<ref name="wcrc-company-ending-2"/> and in March 2024 the brands started to operate as part of the [[Frasers Group]] alongside [[Evans Cycles]].<ref name="wcrc-company-ending-1"/>

==References== {{reflist}}

[[Category:Companies based in Portsmouth]] [[Category:Retail companies established in 1999]] [[Category:Internet properties established in 1999]] [[Category:Online retailers of the United Kingdom]] [[Category:Cycle retailers]] [[Category:1999 establishments in England]] [[Category:Companies that have entered administration in the United Kingdom]]