If it wasn't already clear, it appears the end is very much nearing for the struggling eCommerce retail giant, WiggleCRC, as a notice from the parent company Mapil Topco has announced the appointment of liquidators.
In an update on the company's page on the Companies House website, the central government register for all businesses registered on UK shores, an update dated March 11 has been posted.
Its title, "Appointment of a voluntary liquidator," is short but damning.
It is accompanied by a second update, also dated March 11, titled "Statement of affairs." Both documents are currently being processed and the site says they will be "available in 10 days." As such, no further information is available at this stage.
Cyclingnews has reached out to FRP Advisory, the administrators currently in charge of the business, for comment.
Though it's not confirmed who will act as liquidator for the company, what is clear is their duty. A liquidator, defined by the Cambridge Dictionary, is "an official person or organization that is given the job of closing a company, by selling its assets so that its debts can be paid."
It comes as perhaps the final blow to the business and represents an affirmation of the company's closure, which was first unveiled in February when its entire workforce was laid off, save for a handful of people who were kept on to clear the warehouses.
The business has seen a rapid demise over the last six months. In August 2023, it announced losses of £97 million as it struggled – like many other businesses in the industry – in the post-pandemic downturn.
But things really took a turn for the worse in October when Signa Holding GMBH, the Germany-based holding company which sits high above the WiggleCRC brand in the somewhat complicated company hierarchy, reneged on a commitment of funding to Signa Sports United NV (SSU), the parent company that manages a host of sporting retail chains.
That funding cut essentially forced SSU into administration, and given SSU was the parent company of dozens of companies – Mapil Topco included – many of those were forced into administration too.
Like dominos, that funding was ultimately passed down the chain to the operating businesses such as German stores Sportscheck and Internetstores, and of course Wiggle, Chain Reaction Cycles, and their in-house brands Vitus, dhb, Nukeproof and more.
Amid the administration proceedings for WiggleCRC specifically, the British retail conglomerate, Frasers Group, which also owns Evans Cycles, has reportedly stepped in with a less-than-£10-million buyout for the company's intellectual property.
Frasers Group is yet to issue a statement to its investors, but it "chose not to correct" the report when questioned by Cyclingnews' sister site, Cycling Weekly.
That led to the entire workforce being laid off in February, with one employee at the time saying "once the warehouse is clear, it's game over."
