Accell Group, the Dutch owner of Raleigh bicycles, has entered court-supervised insolvency proceedings in the Netherlands after takeover talks collapsed, while Accell UK and Ireland has filed a notice of intention to appoint administrators.
The group, whose brands also include Haibike, Lapierre, Ghost and Babboe, said in a statement that Dutch courts had granted a provisional suspension of payments for its Dutch entities with effect from 5 August, and that court-appointed administrators would now work alongside its board.
Jonas Nilsson, Accell’s chief executive, said it was a “deeply sad and frustrating situation” and that the company had “tirelessly explored” every option for the future of the cycling business.
A prospective takeover by the Singapore-based DuTech Group fell through recently, despite the deal having received regulatory approvals in Germany, Austria and Poland.
KKR, the US private equity firm, acquired Accell in 2022 for €1.56 billion, using a mix of equity and debt. In February, the group completed a restructuring that delivered a substantial reduction in debt and transferred majority control from KKR to its syndicate of lenders. In January, Accell sold its titanium specialist brand Van Nicholas to the Italian manufacturer Velo-ce.
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