WiggleCRC has snapped up German cycling etailer Bike24 to ramp up its European reach in a reported £100m acquisition.

The specialist retailer has acquired Bike24, which operates in Germany, Austria and Switzerland, and had reported revenues of €84.5m (£75.5m) in 2016.

As with the retailer’s acquisition of Chain Reaction Cycles last year, Bike24 will continue to operate as a separate business.

WiggleCRC said that its latest acquisition “will create a stronger pan-European Group, with increased scale and strengthened local sourcing and distribution networks”, as well as boosting its own product range.

Bike24 specialises in cycling and tri-sports equipment, although WiggleCRC said that there is not a significant customer overlap between the two businesses.

The specialist retailer posted widening full-year losses last month as its acquisition of Chain Reaction Cycles hurt its bottom line.

Chief executive Will Kernan, who joined WiggleCRC in March, said: “Bike24 is a leading German operator and a much admired and respected retailer.

“The Bike24 brand, team and customer proposition will remain and will be further supported by the WiggleCRC business. Customers across the group will benefit from a broader offering of leading brands, great service and compelling value.”

Chairman Brian McBride added: “The acquisition of Bike24 is an important step in the group’s broader strategy of creating a global ecommerce champion in the growing cycling and tri-sports markets.

“The combined business will have pro forma revenues of circa £500m and a more diversified income stream, with international sales increasing from 52% of group currently, to circa 60%.”