The unsecured creditors of online bike retailer Wiggle have been left £26.7m out of pocket following its collapse into administration last autumn.
The retailer owes money to sports brands Asics, On Running and Under Armour as well as a £20,000 debt to sweet maker Haribo, according to a new report by administrator FRP Advisory.
The report said there may be sufficient funds available to make a distribution to unsecured creditors, subject to the final outcome of the sales process.
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Wiggle is understood to have received rescue bids from Halfords and Frasers.
The online bike retailer, which has continued to trade through its administration, called in FRP as its administrator following weeks of speculation about its future after owner Signa Sports United (SSU) was forced to file for insolvency.
SSU’s parent company and Selfridges co-owner, Signa, ended a £130m funding commitment to the division as it found itself engulfed in a financial crisis.
The group filed for insolvency in November just weeks after it sold part of its stake in Selfridges to raise extra funds.
The department store’s Thai co-owner Central Group is understood to be looking to snap up Signa’s stake when the group’s administrators put it up for sale.
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