On 24 May 2016, after the year end, the Group acquired 100% of the issued share capital of Tredz Limited and Wheelies Direct Limited, for a total capped consideration of £31.6m which includes £12.5m contingent consideration. Tredz Limited is an online and shop-based cycling retailer and Wheelies Direct Limited is a cycling insurance replacement company.

The contingent consideration payable for the acquisition is dependent on an EBITDA multiple, calculated over a 12 month period ending 28 February 2017.

Given the timing of the acquisition we are not able to disclose information regarding the assets and liabilities acquired, the fair values of these and any associated goodwill as these are subject to fair value assessments.