The financial situation of one of Sir Bradley Wiggins’ companies has become a matter of public scrutiny as it has been reported that the company may face bankruptcy proceedings unless certain agreements with financial liquidators are honoured. Trademarks including ‘Bradley Wiggins’, ‘Wiggins’, and ‘Wiggo’ are now on the market in an effort to reduce the company’s debts. However, this predicament does not seem to affect the personal financial stability of Wiggins himself.
Individual Voluntary Arrangement in Question
The issue stems from a 2020 Individual Voluntary Arrangement (IVA) related to Wiggins Rights Limited, which handles a portion of Wiggins’ business operations and has ties with the now-defunct Team Wiggins where he concluded his racing career. Liquidators are now chasing payment of nearly £980,000, following a liquidators’ report that suggested selling a property in Spain valued at over £600,000 as part of the IVA to repay creditors.
Recent developments have seen Wiggins being issued with a ‘notice of breach’ concerning the IVA by the agreement’s supervisor. This raises concerns about potential bankruptcy if the breach isn’t rectified. The liquidators have disclosed in a document that they are in the process of selling the intellectual properties associated with Wiggins’ brand, although their value remains uncertain.
Claims from Creditors
HM Revenue and Customs have a substantial claim for taxes amounting to £313,447, while other unsecured creditors are reported to be owed £425,795. The liquidators themselves have claimed costs of £25,312. A spokesperson for Wiggins previously stated that his involvement with the companies was not on a daily basis and affirmed that these developments do not impinge upon his personal financial solvency.
Wiggins has commented on the ongoing case, expressing frustration over its protracted nature and the difficulty his legal representatives have faced in obtaining necessary documents. He described the situation as a “historical matter” involving professional negligence by others, leading to a troublesome situation with his name at the forefront. Wiggins also hinted at potential legal claims to be made by his lawyers in response to these troubles.