Frasers Group saddles up for THG cycling deal
Mike Ashley’s Frasers Group is to buy a cycling goods specialist from THG.
The group, which owns Sports Direct and Flannels, is close to buying the stock and intellectual property assets of ProBikeKit from the London-listed online nutrition and beauty retailer.
City sources told Sky that a deal could be finalised and announced this week. The agreement would not be material in financial terms for either party, but would come in the wake of THG deciding to close or sell a number of its non-core subsidiaries, Sky said.
ProBikeKit was founded in 1998, and was bought by THG in 2013 to sit alongside MyProtein in the group’s lifestyle division. It sells cycling clothing and accessories produced by more than 100 specialist brands, including Adidas, Raleigh