Wiggle in administration

[orienteer]

. . .  and this is an interesting development given the very niche product offerings :   https://www.pashley.co.uk/blogs/pashley/were-crowdfunding  - raising funds for, mostly, R&D by the look of it.

Interesting; no mention of Moulton Bicycles, which has been part of Pashley for over ten years. Moulton have re-acquired their original 1960s factory premises in Bradford on Avon and plan to move the production of their "cheaper" TSR models there from Pashley in Stratford on Avon. I wonder whether Moulton is going to split away from Pashley.

[rogerzilla]

Why isn't this a normal share issue?  Is it because only the easily grifted would bite?

[robgul]

No need to rub it in.  I used to get most of my bike stuff from bike24 before brexit

I wonder why it's the UK ones going bust...

J

Signa isn’t a UK company, it’s based in Berlin, and all its brands are in trouble. There is a UK element I’d course, the crash in cycle sales post-pandemic.

Signa is mentioned in The Sunday Times today with woes about its financial position vis-a-vis its ownership/part ownership of Selfridges.

[robgul]

Why isn't this a normal share issue?  Is it because only the easily grifted would bite?

I would suggest that it's a lot to do with the massive fees etc that all the lawyers, banks and underwriters charge for share "flotations" even on the minor markets . . .  and also the reason you suggest - together with enthusiastic cyclists likely to cough up.

[Paul H]

Why isn't this a normal share issue?  Is it because only the easily grifted would bite?

It pretty much is, they're offering ordinary shares, they're not ringfenced to any product or project.  The difference doing it this way, apart from the free publicity, is no shares are issued till all the investors are committed.  The sale is dependent on that and Pashley remain in control up to that point, there's no market forces.  Same as crowdfunding a product, if not enough people invest, the product doesn't get made and the money committed is returned. Plus, a private company is always going to struggle to widen it's shareholders compared to a public one and may be hampered by it's own constitution (Articles?)

[Afasoas]

Wiggle parcel delivered this morning. All items present and correct.

I'm going to miss their dhb range. The £50 £20 shorts don't feel anything like the quality of the £50 shorts I had which have, after 10+ years largely. I guess I'm still adjusting to how prices for cycling paraphernailia have increased since I was last in the market. The shoes I've got some years ago are still going strong and the other bits that arrived today fit well and seem well stitched together.

Awfully tempted to buy one of their Vitus Sentier MTBs for knocking around Cannock Chase but I keep reminding myself about next year's remortgaging.

[toontra]

Well - the DHB item I had my eyes on has been reduced.  Not sure if it's related to the administration but in any case I've got what I wanted at a decent price.  Maybe it'll drop further & I'll get a spare!

[andyoxon]

Halfords interested...  https://news.sky.com/story/halfords-joins-ride-to-rescue-of-online-retailer-wiggle-13009513

[sg37409]

On my order confirmation email, the address at the foot reads
Wiggle Ltd (In Administration). 1000 Lakeside, Suite 310, Third Floor N E Wing, Portsmouth, Hampshire, PO6 3EN, United Kingdom

[TimO]

Currently Wiggle (and Chain Reaction) have quite a few good deals, and a handful of ludicrously cheap deals. As times progresses, there's obviously an increasing risk that they may go totally bust and an order may not be delivered, but as others have said it's moderately likely that we would get our money back, in that scenario.

I've ordered a handful of very cheap items, between 50% and 70% off, a pair of shoes, shorts and tights, most of them dhb branded, but not entirely. Everything arrived quite rapidly and exactly as ordered. 

I then took an even deeper plunge, and ordered a Vitus e-bike at 40% off. The normal price was way beyond what I'd spend, but at that discount it was merely expensive. It's a very nice bike, and I'm very happy with it.

There are some very good deals to be had, but quite often you'll find clothes and bikes only have the cheap prices for the less desirable sizes, or those cheap offers are now out of stock, with the phrase "Stock expected soon", although I have my doubts about that!

[Pedal Castro]

Whoops, just bought a Tacx Neo 2 for £649...

[felstedrider]

Administrators have said that Wiggle owed Haribo £20k when they collapsed.

[Cudzoziemiec]

zOMG! This could bring down Haribo! Then that has a knock-on effect on sugar-producing economies round the world – this could close the Tate Gallery!

[Andy W]

Not only the Tate gallery but also Tate and Lyle

[robgul]

Currently Wiggle (and Chain Reaction) have quite a few good deals, and a handful of ludicrously cheap deals. As times progresses, there's obviously an increasing risk that they may go totally bust and an order may not be delivered, but as others have said it's moderately likely that we would get our money back, in that scenario.

I've ordered a handful of very cheap items, between 50% and 70% off, a pair of shoes, shorts and tights, most of them dhb branded, but not entirely. Everything arrived quite rapidly and exactly as ordered. 

I then took an even deeper plunge, and ordered a Vitus e-bike at 40% off. The normal price was way beyond what I'd spend, but at that discount it was merely expensive. It's a very nice bike, and I'm very happy with it.

There are some very good deals to be had, but quite often you'll find clothes and bikes only have the cheap prices for the less desirable sizes, or those cheap offers are now out of stock, with the phrase "Stock expected soon", although I have my doubts about that!

Ref your first paragraph - the appointed administrators have a legal obligation to manage the company such that a customer (for new orders), i.e. you, cannot lose money.  If they can't supply, they wont accept the order and take your money.

[De Sisti]

Just bought some fleece winter tights and some overshoes. £45, nil-postage.

[TimO]

I previously bought a pair of dhb shoes for £15, which are apparently normally £85. They're down to £10 now, so I could have saved a further £5. 

[Morat]

Thanks to this thread I had a look and bought myself some Endura bib shorts for £19.99 instead of £120. I look forward to trying them out!
(don't worry, there will be no photos)

Edit: that was quick! ordered Sunday and arrived Monday using standard postage. I might get some more, these are nice shorts.