Frasers launches bid to acquire ProBikeKit
According to Sky News, Frasers Group will acquire the stock and IP assets of the cycling retailer from THG
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Frasers Group is in talks to buy cycling goods specialist ProBikeKit, according to Sky News.
Mike Ashley’s retail group is reportedly set to acquire the stock and IP assets of the cycling retailer from THG, the beauty and nutrition online company.
In April, THG revealed that following a strategic review ProBikeKit is set to discontinue operations, meaning that Frasers acquisition will not be material in financial terms for either party, Sky said.
ProBikeKit was founded in 1998 by a small group of cyclists and then bought by THG in 2013 and joined the group’s lifestyle division.
Sky revealed that a deal could be finalised by the end of the week.
Frasers Group has been contacted for comment.
