Wiggle Registers £97 million Loss
The combined Wiggle + Chain Reaction Cycles organisation reported a significant decline in its financial performance last year highlighted by a £97 million loss, considerably higher than the previous year’s £14.5 million loss. The figures come from Companies House filings by owner Mapil Topco Limited.
The company blamed Covid, Brexit and wider economic conditions.
Sales and profits both tumbled as sales racked up a concerning 30 per cent decline (£360m in 2021 vs. £252.5m in 2022). Surprisingly perhaps 38% of Wiggle’s revenue is non-UK.
Despite partly blaming Brexit, Wiggle’s UK sales alone actually rose by 7% compared to 2019. The company also reports an increase in sales of 30% for own-branded goods (its gels are as cheap as chips!)
Perhaps some of Wiggle’s increased costs instead come from corporate rebranding, back-end systems changes and the £36m of professional costs associated with the Signa merger?
The overall cycling industry in the UK reflects a similarly challenging scenario, with a decline in new bike sales reaching a 20-year low in 2022.
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