Bridgepoint eyes Wiggle IPO, say sources - BikeBiz

Bridgepoint eyes Wiggle IPO, say sources

Private equity firm, which also owns Fat Face, is considering floating the online retailer born from a Portsmouth bike shop.
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Private equity firm Bridgeport is considering a stockmarket flotation for Wiggle, reports The Telegraph.

The newspaper said Bridgepoint has appointed investment bank Rothschild to work on an initial public offering. Earlier this year Wiggle advertised for a chief financial officer, saying: “IPO experience would be an advantage.” 

Wiggle was born from a Portsmouth bike shop in 1999 and was part-sold to Isis Partners in 2006 which, in turn, sold the online retailer to Fat Face owner Bridgepoint in 2011. Fat Face, a bricks and mortar clothing retailer, is currently being floated.

For the year ending April 2013 Wiggle made a pre-tax profit of £12.3m on revenues of £140.7m.

Rival online retailer Chain Reaction had revenue of £155.6m in 2012, with profit of £861,000.

Earlier this year Wiggle teamed up with Goodman Business Parks to offer bike servicing at selected locations.

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