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Accell launches insolvency proceedings for bike brand Raleigh
Accell bought Raleigh for $100m in 2012, and said it could not meet financial obligations after prior restructuring efforts and losses.
Accell, the Netherlands-based owner of the Raleigh bike brand, has begun insolvency proceedings, saying it has exhausted available options and can no longer meet its financial obligations, BBC Business reported. The filing comes after a difficult period for Raleigh, including redundancies in 2024 and reported losses of £30m in accounts released the following year, according to the report. Accell said Raleigh had been part of its portfolio since it bought the brand for $100m in 2012. Accell also described earlier attempts to stabilize the business, including a restructuring in February that secured additional funding from shareholders and lenders and reduced debts. Its chief executive, Jonas Nilsson, said it was a deeply sad and frustrating situation and that every realistic option to continue the group in its current form had been explored without a solution.
Nilsson said Accell had worked to restructure operations and finances. Raleigh was founded in Nottingham in 1887 and once employed about 8,000 people at its peak, the outlet noted.