Accell Group, the owner of Raleigh, Lapierre and Haibike, has entered court protection after a proposed takeover by Tri Star E-Moving collapsed, leaving administrators to determine which operations and jobs can be saved.
The European bicycle group said on Wednesday that it could no longer pay its debts as they fell due. A court granted a preliminary suspension of payments to Accell Group Holding B.V. and its Dutch subsidiaries on August 5, a day after the Tri Star deal fell through.
The group, whose portfolio also includes Batavus, Winora and Babboe, said local insolvency proceedings were now necessary for the relevant subsidiaries. Court-appointed administrators will work with Accell to assess whether viable operations and employment can be preserved.
“This is a deeply sad and frustrating situation given all the hard work and everything we have achieved, with the support of shareholders and lenders, to restructure Accell’s operations and finances,” chief executive Jonas Nilsson said.
“Every realistic option for the future of the business has been tirelessly explored, and none have resulted in a solution to continue the Group in its current form.”
Accell said its priorities were to support an orderly process, provide clarity where possible and cooperate with the administrators. Employees in the Netherlands and other countries were informed on Wednesday, according to NieuwsFiets.nu.
Failed sale follows February debt restructuring
The court protection comes less than six months after Accell completed an operational and financial restructuring. In February, shareholders and lenders agreed to provide additional funding and reduce the group’s debt, with ownership transferring to its lenders.
Accell said at the time that lender ownership was not intended to be permanent. The company and its advisers subsequently held discussions with interested parties, considered multiple offers and sought regulatory approval for a possible merger.
Tri Star E-Moving, a subsidiary of Singapore-based Du Tech Holding, emerged as a prospective buyer. The company had received competition approval for the transaction in Germany, Austria and Poland, but the deal fell through on August 4.
NieuwsFiets.nu reported that weaker-than-expected financial results and costs connected to the Babboe cargo-bike recall had put the transaction under pressure. A post-insolvency acquisition involving Tri Star remains theoretically possible, although no such arrangement has been confirmed.
Accell entered its latest restructuring after several years of financial and operational pressure. Revenue fell 22% to €1.009 billion in 2024, while the business dealt with discounted inventory, restructuring expenses and the Babboe recall.
The cargo-bike manufacturer recalled 22,000 bicycles after Dutch authorities identified safety risks, including frames that could crack. The recall had cost Accell €50 million by July 2024, while demand across the bicycle market had weakened following the pandemic-era sales boom.
Attempts to sell individual Accell brands or divisions also proved difficult, NieuwsFiets.nu reported, citing an unnamed market insider. Administrative functions had been centralised across the group, making the profitability of individual businesses difficult for prospective buyers to assess.
Accell describes itself as Europe’s market leader in e-bikes and its second-largest bicycle parts and accessories company. Its other brands include Ghost, Koga, Sparta, Carqon and components business XLC.
The company said it would publish further information when it becomes available.
Cover image credit: Zac Williams/SWpix.com
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