Frasers may buy ProBikeKit assets from THG
Frasers Group is on the acquisition trail again, this time the target is digital cycling and clothing goods specialist retailer ProBikeKit (PBK).
The group, which already owns Evans Cycles and the massive Sports Direct sportswear business, wants to buy the stock and intellectual property assets of ProBikeKit from THG, the London-listed online beauty and nutrition retailer, according to Sky News.
Sources told it the two are in advanced talks and a deal could be secured by the end of the week, although both parties are not commenting at this stage.
The deal will not be material in financial terms for either party, but comes as THG is closing or selling a number of its non-core subsidiaries.
PBK was founded in 1998 and was bought by THG in 2013 being absorbed into the then privately owned group's lifestyle division.
It sells cycle clothing and accessories produced by more than 100 specialist brands, including Adidas, Raleigh and Michelin.
The acquisition of PBK is expected to be handled through Frasers' Evans Cycles subsidiary, bought in 2018. Since then, a substantial number of Evans' standalone stores have been shuttered.
Copyright © 2023 FashionNetwork.com All rights reserved.