Cycling retailer ProBikeKit to be bought by Mike Ashley's Frasers Group, reports suggest

ProBikeKit (PBK) looks set to continue trading as reports suggest Mike Ashley's Frasers Group is close to buying the online cycling retailer.

In April, PBK's owner THG (formerly The Hut Group) had announced the shutting down of its lifestyle division, citing "lossmaking", however now Sky News reports Frasers Group is "close" to buying the stock and intellectual property assets.

Sources told the news outlet that a deal could be finalised and announced as soon as by the end of the week, with the acquisition of PBK expected to be handled through Frasers' Evans Cycles subsidiary, bought by retail entrepreneur and former Newcastle United owner Ashley in 2018.

PBK was founded in 1998, producing and selling cycling accessories, components, clothing, tyres, and tubes, and supplies road, mountain bike and cyclo-cross kit in more than 80 countries.

In 2013, THG bought PBK, adding to its lifestyle division alongside brands such as Myprotein and Myvitamins. However, following a "strategic review" earlier this year, THG confirmed it was shutting down the division, putting 180 jobs at risk in Greater Manchester.

"Following a strategic review of our OnDemand division, as announced in THG’s trading update of 17 January 2023, we can confirm that we are proposing to discontinue operations in the OnDemand division across all sites. We are currently consulting with impacted colleagues and will take steps to minimise the number of redundancies," a spokesperson said.

"We are also consulting with certain colleagues in THG Studios where, following the closure of OnDemand, we expect associated workflow to reduce proportionately. THG is committed to supporting all affected colleagues and, where possible, we will endeavour to find colleagues alternate roles within the wider THG Group."

For the past few months PBK's website has been running a warehouse sale, however today's news suggests its time as part of the cycling retail scene is not done yet.