Wiggle future in doubt as business set to file for self administration
October 19, 2023
The parent Signa Sports United, whose largest shareholder is Signa International Sports Holding, is facing down the prospect of losing a €150 million financial commitment, on which just €7 million has thus far been drawn to support the network of companies’ trading activities. The ultimate source of the funding withdrawal that has triggered the chain of events, as reported on by Bloomberg, is the Austrian billionaire Rene Benko, who is said to be pulling investment in a retail empire (inclusive of Signa Sports United) to shore up a broad property portfolio.
In these circumstances, with the Wiggle business’s viability self-reportedly hinging on that backing, it will have no choice but to begin administration proceedings, at least until such time a new funding source can be secured. Cycling Electric has seen a notice from the company to a customer to this effect, which states that the business is now forced to go via an insolvency court to apply for self-administration. Cycling Electric