A South Lakes-headquartered cycle retailer has been taken over by a global brand.
JD Sports Fashion has acquired a majority stake in Wheelbase Lakeland Limited, which has its HQ in Staveley, near Kendal,
Founded in 1993, Wheelbase has 45 employees and has three stores across the North of England, including the UK’s largest cycle store in Staveley and others at Ilkley and Darlington.
The business also lends its support to the British Elite road cycling team Wheelbase MGD and supporting junior team Wheelbase CabTech.
For over a decade, Wheelbase has hosted an MTB demo week which attracts nearly 250 riders every year.
Following the investment by the JD Group, Wheelbase is gearing up for further growth by taking advantage of emerging opportunities and a strong outlook for the cycling industry.
The JD Group has a total of more than 3,300 stores across 30 countries selling leading brands such as Nike, Adidas, Puma and The North Face.
It owns specialist retailers Go Outdoors, Blacks, Millets, Tiso, Fishing Republic and Naylors Equestrian.
As part of the acquisition, Wheelbase’s full management team and brand will be retained.
Wheelbase was advised by Cavu Corporate Finance’s managing director Shawn Bone and Assistant Director Sahil Nayyar who led the deal on behalf of the shareholders.
Leading law firm for businesses Muckle LLP advised Wheelbase on all corporate aspects of the deal, and negotiations were led by award-winning corporate lawyers and Partners Philip Clare and Matthew Walsh.
JD Group were advised by Napthens LLP with the team led by corporate partner Rob Dobson.
Chris Herd, Managing Director of Wheelbase Lakeland Limited, said: “We are extremely pleased to partner with the JD Group. It provides the perfect platform for the Wheelbase brand to develop and strengthen our position within the cycling sector, which is full of growth and opportunity.”
Toby Dalton, commercial director of Wheelbase Lakeland Limited, said: “The JD Group will bring world-class operational support to Wheelbase. We look forward to a new era of development and can’t wait to get the wheels in motion.”