NEWS HUB
Signa Sports United confirms restructure
SIGNA Sports United (SSU), the owner of Wiggle/Chain Reaction Cycles (CRC) and bike brands Nukeproof and Vitus, has announced a restructure, including the termination or winding down of non-performing assets. The decision has been taken in light of continuing macroeconomic headwinds, oversupply in the market and the company’s “severe” liquidity and profitability challenges. SSU’s directors have also confirmed that the company will be delisted from the New York Stock Exchange, where its share price has dropped significantly.
Although the company did not say which of its business units
would be directly impacted, it said its bike business, specifically, has lagged management expectations. To support the plans, SSU’s board of directors will extend the scope of the duties of Torsten Waack van Wasen, CEO of Internetstores since February 2023, to become part of the company’s management team as chief performance officer.
Earlier this year Mapil Topco Limited, which covers both Wiggle and CRC web stores, posted pre-tax losses of £97,041,000 in the year to September 30, 2022. The directors cited “challenging” economic conditions as the
key contributor for this, including the impacts of Brexit and the post-pandemic drop in demand for cycling products.
Argon 18 takes UK distribution in-house
ARGON 18 is introducing a direct-to-retail model in the UK. This move is hoped to make Argon 18’s bikes more accessible through the growth of its UK dealer base. To assist with the transition, the brand has appointed Alex
Croucher as UK sales manager. Martin Le Sauteur, CEO of Argon 18, said: “We have seen a lot of success with this model already in North America and since the UK is one of our strongest markets in Europe, we are prepared to invest in it and hopefully see some positive results that we can then take to other markets in the future”
Vittoria opens new carbon-neutral factory
VITTORIA has opened a new carbon-neutral factory, dedicated to the production of cotton tubular and clincher bicycle tyres. Based in Bangkok, Thailand, the site represents a key part of the brand’s growth and investment plans. The €20 million investment will expand the Vittoria Tyres Thailand (VTT) factory premises from 36,000 to 51,000 square metres in the Bangpoo industrial district, near the current VTT headquarters.
This building will also give birth to Vittoria’s most sustainable
tyre ever made, scheduled for release into the gravel segment in spring 2024.
10 | November 2023
Cycling UK’s Big Bike Revival receives £4 million funding boost
THOUSANDS more people will start cycling, or be given support to cycle more, thanks to a new £4 million funding boost for Cycling UK’s Big Bike Revival programme. Big Bike Revival provides funding for events designed to increase cycling skills and confidence in people who don’t cycle at all or who aren’t regular cyclists.
Events, which include ‘learn to fix’ and ‘learn to ride’ sessions, are delivered locally by community groups and not-for-profit organisations. Active Travel England funds the programme, which is in its ninth year, and it will now continue until March 2025.
www.bikebiz.com
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