Mike Ashley Eyes Cycling Retailer
Frasers Group, the sportswear group founded by Mike Ashley, is in advanced talks to acquire cycling goods specialist ProBikeKit (PBK).
According to Sky News, Frasers Group is close to buying the stock and intellectual property assets of PBK from THG, the London-listed online nutrition and beauty retailer.
The reported agreement comes in the wake of THG deciding to close or sell several of its non-core subsidiaries.
It is thought that the deal could be finalised and announced later this week.
PBK, which was founded in 1998, was bought by THG in 2013 and absorbed into the then privately owned group’s lifestyle division. The retailer sells a number of sports and cyclist specialist brands including Adidas, Raleigh and Michelin.
The acquisition of PBK is expected to be handled through Frasers’ Evans Cycles subsidiary, which Mr Ashley’s group bought in 2018, and subsequently permanently many of the retailer’s shops.
Despite no longer running Frasers Group in an executive capacity, former Newcastle United owner Ashley remains its biggest shareholder. Instead, Michael Murray, the son-in-law of Ashley, runs the group.
Frasers Group, which began with a single sports shop in Maidenhead, Berkshire, in 1982, owns 715 Sports Direct shops in the UK, as well as 50 Flannels shops, and more than 70 Evans Cycles shops and 250 Game shops.
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