Wiggle in takeover bid for Chain Reaction Cycles

Chain Reaction Cycles sells to customers across the world from Northern Ireland

Online bike retailer Chain Reaction Cycles, which sells to customers across the world from NI, is said to be the subject of a takeover by a rival.

Trade magazine BikeBiz reports Chain Reaction "is on the verge" of being acquired by Wiggle, who are owned by investment firm Bridgeport Capital.

A spokesman for Chain Reaction said it is "speculation at this point".

According to its last accounts, the Ballyclare-based business employs more than 500 staff.

It has a turnover in excess of £150m.

Wiggle and Chain Reaction have been fighting head-to-head for sales for years.

Chain Reaction sells bicycles, parts and accessories to more than 180 countries.

It began as a small bike shop more than 20 years ago, launching a website in 1999.

It has previously been described as Royal Mail's largest customer in Northern Ireland.