The online bicycle retail group’s parent company Signa terminated a €150m (£130m) funding commitment to its struggling sports division last Monday, according to The Sunday Times.

Signa Sports United (SSU), which bought WiggleCRC (comprising Wiggle and Chain Reaction Cycles) in 2021, said the move to pull funding was “unjustified” and cast doubt on its ability to continue to operate as a going concern.