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WiggleCRC Looking at £100m Takeover of German Rival Bike24

Internet retail giant WiggleCRC (formed when Wiggle acquired CRC in 2016) is apparently making a major bid for German Rival Bike24, according to the Sunday Times. Excerpt from the article below:

British cyclewear retailer WiggleCRC is racing towards a £100m takeover of German rival Bike24.

The online bike-to-clothing store is in advanced talks to buy the German business, a year after it swooped on Chain Reaction Cycles, another rival based in Northern Ireland. The company renamed itself WiggleCRC following the merger last February. The acquisitive retailer backed by private equity firm Bridgepoint, is understood to be paying more than £100m for Bike24, sources said.

WiggleCRC enjoyed sales of £283m last year, and made underlying earnings of about £7m. The Bike24 deal is likely to add revenues of more than €85m.

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