Frasers fast pedals to buy cycle brand off THG
Cycle retailer ProBikeKit, which was closed down in a brand cull by THG in January is to be purchased by high street retail giant Frasers.
Sky News was first with the news that Frasers Group is close to sealing a deal to buy the remaining stock and PBK brand from THG, which announced it was closing its OnDemand division earlier this year in order to focus on selling nutrition and beauty products online.
Sky quote City sources claiming a deal could be finalised and announced later this week, marking a further land grab of high street retail brands by Frasers, often from rival retail groups looking to declutter their assets. In December TheBusinessDesk.com reported that Frasers bought 15 non-core fashion brands from rival JD in a £47.5m.
Frasers also acquired bike retailer Evans Cycles in 2018, but has closed several stores since.
Kendal-based ProBikeKit was founded in 1998 and acquired by THG (then known as The Hut Group) in 2013 from Encore Capital.
At the time of the acquisition chief executive Matthew Moulding said: “We are very excited about the prospect of combining the specialist know-how of PBK with The Hut’s ecommerce expertise to compete in a sector growing at 15% p.a.”
It was run by THG’s Group Lifestyle alongside other brands THG acquired like Myprotein.