Frasers Group steers towards a deal to acquire THG’s ProBikeKit

Mike Ashley’s Frasers Group is reportedly in talks to secure the stock and IP assets of cycling retailer ProBikeKit (PBK) from THG, the beauty and nutrition etail giant.

The sportswear and fashion empire, Frasers Group, is in advanced talks to buy ProBikeKit through its subsidiary Evans Cycles. According to Sky News, sources said a deal could be finalised and announced by the end of this week.

The acquisition of PBK is expected to be handled through the Evans Cycles subsidiary, which Frasers Group purchased in 2018.

ProBikeKit, which was founded in 1998, is a cycling goods specialist that stocks cycling clothing and accessories from over 100 brands including Adidas, Raeigh and Michelin.

Earlier this year, it was reported that THG would close ProBikeKit, which it acquired in 2013 and absorbed into the then-privately owned group's lifestyle division.

Billionaire retail magnate Mike Ashley no longer runs Frasers Group in an executive capacity after stepping down in December 2022. Though the company is now helmed by Michael Murray, Ashley remains the company’s biggest shareholder and continues to act as an adviser to the board and senior management.

Earlier this month, THG announced it had ended talks with private equity giant Apollo over a potential takeover deal. Shares in the company, which owns beauty platforms including Cult Beauty and Lookfantastic and fashion retailer Coggles, dropped as a result.