The high street sports empire founded by Mike Ashley is in advanced talks to buy ProBikeKit (PBK), the cycling goods specialist.

Sky News has learned that Frasers Group is close to buying the stock and intellectual property assets of PBK from THG, the London-listed online nutrition and beauty retailer.

City sources said a deal could be finalised and announced later this week.

The deal will not be material in financial terms for either party, but will come in the wake of THG deciding to close or sell a number of its non-core subsidiaries.

PBK was founded in 1998, and was bought by THG in 2013 and absorbed into the then privately owned group’s lifestyle division.

It sells cycling clothing and accessories produced by more than 100 specialist brands, including Adidas, Raleigh and Michelin.

The acquisition of PBK is expected to be handled through Frasers’ Evans Cycles subsidiary, which Mr Ashley’s group bought in 2018.

Mike Ashley’s Frasers Group now fourth largest shareholder in ASOS

Former Sports Direct auditors braced for £2m fine over Ashley disclosures

Mike Ashley’s House of Fraser to close its flagship store on London’s Oxford Street

That deal saw a substantial chunk of Evans’ standalone shops permanently closed.

Mr Ashley no longer runs Frasers in an executive capacity but remains its biggest shareholder.

Frasers and THG both declined to comment on Monday.

Related posts:

War for talent among lawyers as US ‘white shoe’ firms step up presence in UK Britain’s biggest dairy supplier warns inflation has become key issue London Stock Exchange-owner strikes $1bn deal to sell wealth assets Treasury paves way to compensate Post Office scandal’s forgotten 555 Funkypigeon.com suspends orders after ‘cyber security incident’ last week Zelenskyy addresses Davos, and how one burger company is cutting carbon emissions Asda eyes deeper convenience push with £450m Co-op fuel retail swoop The worst is not yet over for consumers despite peaked inflation Prices up at McDonald’s on five items due to increased food and energy costs The owner of the Cath Kidston retail brand is exploring a sale just eight months after buying it Surrey oil court battle could set precedent that triggers ‘beginning of the end’ of new fossil fuel projects in UK JD Sports plans more price hikes as annual profits hit record