Wiggle refinances in deal with Livingbridge and HSBC Bank


Clearwater Advisor

Clearwater International has advised the shareholders of Wiggle Limited, the online sports clothing and equipment retailer, on an £11.5m ‘cash-out’ deal with Livingbridge and HSBC bank.

Wiggle’s founders will retain a controlling stake and will continue to manage the business.Established in 1999, www.wiggle.co.uk has become the online destination of choice for cycle enthusiasts seeking a wide range of accessories and clothing from the leading brands. The last couple of years have seen Wiggle apply the same formula to other sports categories including running, swimming, hiking and snow boarding. In the year to January 2006 Wiggle achieved sales of £12m having averaged annual growth of 65% over the last 3 years.

“Wiggle has become the category killer of cycling retail and has generated further momentum by extending its reach into other outdoor sports. It provides industry leading price and service.”

Mark Advani, Livingbridge

“Wiggle is an exciting business. In addition to building on its core business of cycling, the future should see the company expand its offering in other sports categories, both in the UK and across Europe. I am delighted to have been able to help the founders secure what is an excellent result both for them and the future of the Business.”

Marc Gillespie, Partner, Clearwater International