Raleigh Owner Accell Initiates Insolvency Proceedings
Historic Nottingham-founded bicycle brand faces uncertain future after owner exhausts options and discussions with potential buyers yield no solution.
Callum Smith
Accell, owner of the iconic Raleigh bicycle brand, has commenced insolvency proceedings.
Jonas Nilsson confirmed, "Every realistic option for the future of the business has been explored; none resulted in a solution to continue the group in its current form."
Accell pursued every possible avenue for its future, including discussions with potential buyers, but no solution emerged for the business to continue operating.
The company stated it had exhausted all available options and could no longer meet its financial obligations.
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.
Nilsson described the situation as "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."
He added, "It is an especially difficult moment for our employees, creditors, customers, suppliers, and partners."
Raleigh, founded in Nottingham in 1887, vacated its Eastwood headquarters in 2024 to move to new premises.
The company also experienced redundancies in 2024, having stopped making bikes in England in 2002.
The Netherlands-based Accell Group, which also owns Lapierre, Ghost, and Babboe brands, bought Raleigh in 2012 for $100m (£74m).
Accell Group called in administrators after failing to find a viable solution to continue its operations in their current form.
KKR was forced to hand over the business to creditors in February, and talks for a takeover with Dutech Holdings' subsidiary Tri Star Group failed.
A Notice of Intention (NOI) to appoint an administrator was filed for Accell UK & Ireland Ltd (formerly Raleigh) on August 5.
This NOI filing provides businesses with 10 days of protection from creditor action to explore rescue options.
Accell UK & Ireland recorded a loss before tax of more than £30 million in its 2023 financial accounts and employed an average of 130 people at that time.
another nail in the coffin' of the UK.
Councillor Milan Radulovic claimed the administration of Raleigh would be 'another nail in the coffin' of the UK.
Radulovic also stated that Raleigh, like many other British companies, became almost like playthings for venture capitalists and speculators.
Nilsson affirmed, "Our immediate focus is to support an orderly process, provide clarity wherever possible, and work with the relevant court-appointed administrators to preserve viable activities and employment where circumstances allow."