Dutch bicycle manufacturer Accell Group has initiated insolvency proceedings in the Netherlands after exhausting all available options to meet its financial obligations, the company announced on Wednesday. The move places historic British brand Raleigh, which Accell acquired for $100 million in 2012, under threat as its UK and Ireland subsidiary filed a notice of intention to appoint administrators.
Chief Executive Jonas Nilsson described the collapse as "a deeply sad and frustrating situation" despite extensive restructuring efforts. The Heerenveen-based company, which owns brands including Batavus, Sparta, and Babboe, had secured additional funding from shareholders and lenders in February after private equity firm KKR handed control to creditors. However, failed takeover talks with Dutech Holdings left the group unable to continue operations.
Accell, which employs nearly 3,700 people across 15 countries, closed its last Dutch factory in Heerenveen last summer, shifting production to Hungary and France. The group faced setbacks including a Babboe cargo bike recall in early 2024 over frame safety concerns.