Accell Group’s Dutch holding company and subsidiaries, owners of a host of bike brands and a relative giant of the sector, were declared bankrupt by the Amsterdam District Court on Tuesday, August 11.
It came a week after insolvency proceedings began following the collapse of a proposed takeover by Tri Star E-Moving, a subsidiary of Singapore-based DuTech.
Court-appointed curators are now examining sales and possible restarts while trying to maintain operations. Dublin-based investment firm Quanta Capital has emerged as the first named potential buyer, saying it is preparing an offer for the entire bicycle group.
Quanta has been public in its interest in the business, with a spokesperson telling The Times, “Quanta will look at it and will bid. We are currently in the market raising money for it.”
The proposal would remain conditional on due diligence and investor approval. Any transaction must also proceed through the Dutch insolvency process, and the curators have not selected Quanta as a buyer.
A group-wide acquisition could preserve shared operations and dealer relationships across brands including Raleigh, Lapierre, Haibike, Ghost, Batavus, Sparta, Koga, Winora, Babboe and Carqon. Accell also owns XLC, Van Nicholas, Loekie, Tunturi and Nishiki.
Curators seek to restore dealer sales
The bankruptcy currently covers Accell’s Dutch operations. Related proceedings have begun across the Netherlands, Germany, France and England because other European subsidiaries depend financially and operationally on the Dutch business. Accell’s Hungarian factory has stopped operating.
According to NieuwsFiets.nu, the curators want to keep the business operating temporarily to preserve value. They plan to contact major suppliers and investigate whether deliveries to dealers can resume quickly.
Retailers and customers face uncertainty over outstanding orders, warranty claims, replacement parts and after-sales support. The Dutch Consumers’ Association has advised owners to contact the retailer that sold the bicycle, which remains responsible for handling warranty cases. Bosch and Shimano are expected to continue covering their own e-bike systems.
The bankruptcy follows Accell’s August 5 application for a suspension of payments, when its directors concluded that the group could no longer meet obligations as they fell due. As covered in our report on the failed Tri Star takeover, that proposed transaction collapsed despite receiving clearance from Germany’s Federal Cartel Office in July.
Accell’s revenue fell 22% to €1.009 billion in 2024 amid excess stock and weaker demand following the pandemic bicycle boom. The company also absorbed restructuring costs and a Babboe cargo-bike recall that had cost €50 million by July 2024.
Lapierre has separately requested judicial reorganisation in France after losing Accell’s financial backing. It is seeking a standalone investor to protect 106 local jobs. Dutch trade unions FNV and CNV were due to meet the curators on Wednesday to discuss employment and possible restarts.
Cover image credit: Olly Hassell/SWpix.com
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