I like Skol
A Minging Manc...
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Vultures.....
Wiggle and Chain Reaction gone into administration.
- Thread starter Kell
- Start date
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bonzobanana
Guru
From what I understand Fraser Group has bought the rights to brands and other IP but not interested in the company as a going concern. I'm guessing he will get all the contract information for all the bike models and which factories in Asia manufacture them and perhaps Nukeproof and Vitus models will be sold on a wider amount of retailers within the Fraser group. It could well be that Evans staff are dealing with this rather than Fraser itself which was what happened for an earlier acquisition for a cycling company. Maybe Evans online (less presence) will become Wiggle/Chain Reaction or something. I guess the point is for us vultures that are circling looking for a bargain pretty much all stock needs to go and it will be offered up to normal consumers for a while and perhaps the last dregs sold off to an auction site.
I personally don't have any problem with the Fraser group buying up brands like this. Their purchase of Evans saved a huge amount of jobs. Yes there some history of staff not being treated well but Amazon is far worse in that department and most of us are still buying from Amazon who also pay minimal tax in the UK unlike Fraser Group. I pretty much buy by price so I can't say whether I will or won't buy from any new Chain Reaction or Wiggle online store because that depends on the products offered and prices but certainly I would rather buy from a UK company where possible that is paying full tax in the UK and supports British jobs. I have bought 2 bikes from Sports Direct previously and they were fantastic value, one a folding bike and another a fixed gear bike plus I've bought numerous spares and bits and pieces when there has been a sale on. All great prices. I see so many people who haemorrhage huge amounts of their wages on high cost imported goods creating huge damage to the UK economy and then complain about the state of the economy, NHS under-funding, state of the roads etc. At least buying from a UK owned and based importer means the margin stays in the UK and if its at the value end of pricing even better so less money is exported on the products themselves. Typically I buy a lot of second-hand goods because I know I'm buying an existing asset that is already here imported by someone else, so not just cheaper because its second-hand but also not part of the consumer madness of people who do huge damage to the economy. I do try to shop responsibly with some thought for the economy.
I personally don't have any problem with the Fraser group buying up brands like this. Their purchase of Evans saved a huge amount of jobs. Yes there some history of staff not being treated well but Amazon is far worse in that department and most of us are still buying from Amazon who also pay minimal tax in the UK unlike Fraser Group. I pretty much buy by price so I can't say whether I will or won't buy from any new Chain Reaction or Wiggle online store because that depends on the products offered and prices but certainly I would rather buy from a UK company where possible that is paying full tax in the UK and supports British jobs. I have bought 2 bikes from Sports Direct previously and they were fantastic value, one a folding bike and another a fixed gear bike plus I've bought numerous spares and bits and pieces when there has been a sale on. All great prices. I see so many people who haemorrhage huge amounts of their wages on high cost imported goods creating huge damage to the UK economy and then complain about the state of the economy, NHS under-funding, state of the roads etc. At least buying from a UK owned and based importer means the margin stays in the UK and if its at the value end of pricing even better so less money is exported on the products themselves. Typically I buy a lot of second-hand goods because I know I'm buying an existing asset that is already here imported by someone else, so not just cheaper because its second-hand but also not part of the consumer madness of people who do huge damage to the economy. I do try to shop responsibly with some thought for the economy.
cyberknight
As long as I breathe, I attack.
- Location
- Land of confusion
Looking at the 30 or 50 mm carbon wheels if I can convince Mrs CK .... Toilet plans are looking to be half what I thought.
Or some alloy wheels similar weight
Or some alloy wheels similar weight
The structured and organised bone-picking continues - the last of the long-sleeved DHB Merino base layers came down in price on Thursday night so I've ordered some of these along with a few other bits.
The Fohn waterproof shell I ordered on Tueday has just turned up; £36 allegedly down from £120 (and now out of stock).
Looks nicely made, is a decent cut and fits well; but is ultimately just a very thin (almost translucent) single-skinned packable waterproof. Very happy with it for what I paid and it should do well as a permanent resident of the cycling rucksack in case I get caught out, however I'd have felt very short changed had I paid the RRP for it.
Realistically I'd reckon it's a £60-70 jacket tops; which is probably about where they were during CRC's regular sales.
Still a few more items on the radar, although it looks like a lot of stock is still moving pretty quickly.
The Fohn waterproof shell I ordered on Tueday has just turned up; £36 allegedly down from £120 (and now out of stock).
Looks nicely made, is a decent cut and fits well; but is ultimately just a very thin (almost translucent) single-skinned packable waterproof. Very happy with it for what I paid and it should do well as a permanent resident of the cycling rucksack in case I get caught out, however I'd have felt very short changed had I paid the RRP for it.
Realistically I'd reckon it's a £60-70 jacket tops; which is probably about where they were during CRC's regular sales.
Still a few more items on the radar, although it looks like a lot of stock is still moving pretty quickly.
According to road.cc the administrators have now appointed liquidators to dispose of what material assets remain..
Obviously this is a significant change from the previous situation, however hopefully it won't affect any pending / future orders as presumably it will be in the liquidators' interests to sell what they can at knocked-down, cost-plus-a-bit at retail than send it all to auction where interested parties would likely expect to get the stock for considerably less than trade.
I hope so anyway - I have some orders still pending (the oldest is taking its time, which is a bit concerning but it was bought on a credit card so hopefully I won't lose money even if I don't get the goods) plus there are still some bits worth buying on the site, and prices still sporadically coming down..
Looks a bit grim for their creditors - according to one of the comments it looks like collectively they'll be out of pocket by around £40m
Obviously this is a significant change from the previous situation, however hopefully it won't affect any pending / future orders as presumably it will be in the liquidators' interests to sell what they can at knocked-down, cost-plus-a-bit at retail than send it all to auction where interested parties would likely expect to get the stock for considerably less than trade.
I hope so anyway - I have some orders still pending (the oldest is taking its time, which is a bit concerning but it was bought on a credit card so hopefully I won't lose money even if I don't get the goods) plus there are still some bits worth buying on the site, and prices still sporadically coming down..
Looks a bit grim for their creditors - according to one of the comments it looks like collectively they'll be out of pocket by around £40m
Relieved to get notification that two orders are now on their way. Perhaps interestingly their order numbers are around 1900 apart and they were separated by around 26hrs; suggesting they were processing more than one order a minute over that period..
Still got a basketful to deliberate over; mainly clothes as I always find buying technical stuff a pain (usually little locally to try on while I'm tight and less fussy so prefer to buy NOS / discount etc). This sale has given me the opportunity to take a punt on stuff I otherwise wouldn't have, thanks to the favourable prices.
Actually quite excited for the stuff to arrive as my cycling wardrobe is pretty minimal and I'm keen to try out the seemingly bargain-tastic RD hanger alignment tool on the Fuji
Still got a basketful to deliberate over; mainly clothes as I always find buying technical stuff a pain (usually little locally to try on while I'm tight and less fussy so prefer to buy NOS / discount etc). This sale has given me the opportunity to take a punt on stuff I otherwise wouldn't have, thanks to the favourable prices.
Actually quite excited for the stuff to arrive as my cycling wardrobe is pretty minimal and I'm keen to try out the seemingly bargain-tastic RD hanger alignment tool on the Fuji
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Dogtrousers
Kilometre nibbler
Why did it happen?
There they were, a big brand, one of the first names to spring to mind when you want inner tubes or whatever.
What did they do for it all to go so catastrophically wrong. Just a depressed market?
There they were, a big brand, one of the first names to spring to mind when you want inner tubes or whatever.
What did they do for it all to go so catastrophically wrong. Just a depressed market?
It's documented on various cycling sites, including road.cc. I have a tenuous grasp of such things, but shortish version (I think) - CRC started out as an independent company in Ireland, grew, was bought out by Wiggle in 2016 and became Wiggle/CRC; which p*ssed off a lot of people as the headquarters were moved to the mainland UK.
I think there was another acquisition later of the whole lot by Signa who are a big international sports-based ecommerce group; which may have coincided with the disasterous Wiggle rebrand. Signa started to struggle (probably because of the post-covid vacuum affecting all of their sporting goods in a similar way to that we've witnessed with cycling) and I think defaulted on / couldn't renew lines of credit; probably because the cost of borrowing had gone up due to rate hikes. They then pulled credit from Wiggle/CRC, meaning they couldn't afford to pay their staff and suppliers, the business became non-viable and administrators were appointed.
Similar has happened to a lot of cycling companies and it's hard to see how people can be so naive to immerse themselves in (or rather load up the company they've just bought) with debt to buy something that's likely over-valued based on statospheric sales during a once-in-a-lifetime global event. I also think limited liability terms of business are also to blame, since they encourage individuals to take risks with little personal accountabiliy, despite how this might affect those in the supply chain if they go bust and can't repay their debts.
Apparently CRC owe around £40m which will probably be written off, so there may yet be a knock-on effect on suppliers if / when that's confirmed. I assume scumbag Mike Ashley will retain the headline in-house brands (DHB, Nukeproof, Vitus etc) and probably cynically slap them on sub-par rubbish to dupe the unwary. I suspect the less-known ones will just be left to die, while external suppliers of branded products (Shimano etc) will probably suffer a significant hit to their finances.
Really the whole thing is a sad indictment of the mechanisms that feed modern consumerism - massive international corporations relying on debt to function, and when that debt becomes unavailable it has diasterous repercussions on a lot of people. Only a generation or two ago debt was considered shameful; rare amongst individuals and often only used by businesses at startup / for particular situations.. now our whole society is predicated on it - which of course is unsustainable and after twenty years the chickens are finally coming home to roost.
On the bright-side I've just secured one of the last DHB waterproof shells and Merino neck tubes in stock, and have another couple of deliveries slated for today. Can't remember the last time I was so rampantly consumptive (something I'm usually enormously opposed to) and have mixed feelings about it. Will probably never have to buy another base layer though
Further, more from Road.cc yesterday:
So, seems I may have been wrong about punting on as much as possible at retail before sending the rest to auction. Key dates appear to be the 15th (tomorrow) and the 22nd.
I wonder if they plan to shut the websites down at the end of this week, as it seems the bidding process will take place over next week and presumably stock needs to be known (and not continuing to deminish through futher retail sales) in order for interested parties to make informed and accurate bids...
So, those of us still sitting on the fence awaiting further price drops might be well-advised to get off our arses before the end of the week in case the rug is potentially pulled from beneath us.
Anyone for a mammoth CC group buy?
Final clear out as Wiggle Chain Reaction Cycles invites bids for remaining warehouse stock
So, seems I may have been wrong about punting on as much as possible at retail before sending the rest to auction. Key dates appear to be the 15th (tomorrow) and the 22nd.
I wonder if they plan to shut the websites down at the end of this week, as it seems the bidding process will take place over next week and presumably stock needs to be known (and not continuing to deminish through futher retail sales) in order for interested parties to make informed and accurate bids...
So, those of us still sitting on the fence awaiting further price drops might be well-advised to get off our arses before the end of the week in case the rug is potentially pulled from beneath us.
Anyone for a mammoth CC group buy?
wiggydiggy
Guru
I've had a pretty good look already and anything I might buy would be just for the sake of it, that said I will be having a last browse just for fun.
Dogtrousers
Kilometre nibbler
I thought exactly that. I'll only end up spending money on stuff that I don't need just because it's cheap. I won't fall for that.
Ooops. I've just punted £25 on a packable waterproof.
bonzobanana
Guru
Surprised to see some fairly high bids on some of the ebikes on ebay. One is damaged with a faulty motor and incomplete. The bike is likely to require ongoing sundry parts which are no longer available like bushings etc specific to the frame. It's possible Mike Ashley will resurrect the same models to sell under his various retail outlets but more likely I feel will brand slap onto his own existing models perhaps those originally configured for import from Evans. Even if Mike Ashley does sell Nukeproof and Vitus designs he doesn't have a great reputation for providing spares and he probably doesn't have to as his models are fairly generic with not much proprietary stuff. We shall see what happens and I will probably monitor the auctions out of curiosity. Looking at the Chain Reaction and Wiggle sites now there is little to interest me. Some items are cheap that I don't want or need and other items are still at highish prices which aren't that much of a bargain.
cyberknight
As long as I breathe, I attack.
- Location
- Land of confusion
waiting on a couple of pairs of shorts as mine have got to the stage where the leg elastic is worn so im getting ride up on the legs, it was on free delivery so not in a rush.
Just had a look order still processing 4 days later , paid via paypal so im covered .
Just had a look order still processing 4 days later , paid via paypal so im covered .
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One of my orders placed last Thursday night is slated for delivery today or tomorrow, while I read one post on the Road.cc article that suggested a delivery date of the 22nd for something ordered on the 12th, so it seems that dispatch times are growing... probably because they're running a skeleton staff and stuff's mounting up.
All good if you're not in a hurry and it actually arrives at all!
