World’s Biggest Online Bike Retailer Restructures after Merger
CORK, Ireland – Following their last February merger Wiggle-Chain Reaction Cycles now announces a plan to cut 300 jobs in Northern Ireland. The layoffs are related to a restructuring that involves the concentration of warehouse facilities in Wolverhampton, England.
Chain Reaction Cycles employs over 500 people in Northern Ireland. They operate (among other things) the company’s warehouses at three locations in Northern Ireland. WiggleCRC, the company that was formed after the Chain Reaction Cycles takeover, now announces that as a result of the concentration of the warehouses 313 jobs could be cut.
Presence in Northern Ireland
WiggleCRC published a statement on the intended warehouse concentration in which the company says, “For WiggleCRC to retain its position and remain competitive in the UK as well as increasingly global markets, we have concluded that this can be best achieved by concentrating the majority of our distribution through our warehouse facility in Wolverhampton. This necessary step, will require the relocation of significant warehouse activities currently in Doagh, Carrickfergus and Ballyclare. WiggleCRC will retain a significant staff and management presence in Northern Ireland, with at least 275 unaffected employees forming a vital part of our ambitious growth plans.”
Ambitious growth plans and Brexit
Currently WiggleCRC generates an annual revenue of over GBP 300 million (€ 336mn). The company’s ‘ambitious growth plans’ include, “Attracting new brands and compete in the wider cycling and accessories market to become a global online champion and a major British export success story.”
That British export success story however could be hampered severely once Brexit becomes a reality.