A South Lakes-based cycle retailer has been taken over by a global brand.
JD Sports Fashion has acquired a controlling stake in Wheelbase Lakeland Limited, which is headquartered in Staveley, near Kendal,
Founded in 1993, Wheelbase has 45 employees and has three stores in the north of England, including the UK’s largest bicycle store in Staveley and others in Ilkley and Darlington.
The company also supports the UK Elite Wheelbase MGD road cycling team and the Wheelbase CabTech junior team.
For more than a decade, Wheelbase has hosted an ATV Demonstration Week that attracts nearly 250 riders each year.
Following the investment from the JD Group, Wheelbase is preparing to continue its growth by taking advantage of emerging opportunities and strong prospects for the cycling industry.
The JD Group has a total of more than 3,300 stores in 30 countries selling leading brands such as Nike, Adidas, Puma and The North Face.
It owns specialty retailers Go Outdoors, Blacks, Millets, Tiso, Fishing Republic and Naylors Equestrian.
As part of the acquisition, the entire management team and Wheelbase brand will be retained.
Wheelbase was advised by Shawn Bone, Managing Director of Cavu Corporate Finance, and Deputy Managing Director Sahil Nayyar, who conducted the transaction on behalf of the shareholders.
Leading corporate law firm Muckle LLP advised Wheelbase on all commercial aspects of the deal, and negotiations were led by award-winning corporate lawyers and partners Philip Clare and Matthew Walsh.
JD Group was advised by Naphhens LLP with the team led by partner Rob Dobson.
Chris Herd, Managing Director of Wheelbase Lakeland Limited, said: “We are extremely pleased to be partnering with the JD Group. It provides the Wheelbase brand with the ideal platform to develop and strengthen our position in the cycling industry, which is bursting with growth and opportunity. “
Toby Dalton, Commercial Director of Wheelbase Lakeland Limited, said: “The JD Group will provide world-class operational support to Wheelbase. We look forward to a new era of development and can’t wait to put the wheels in motion. “