Accell UK and Ireland, the company behind Nottinghamshire-based bikemaker Raleigh, has filed to appoint administrators as its parent group initiates insolvency proceedings. The wider Accell Group, headquartered in the Netherlands, has begun restructuring efforts amid financial difficulties.
History and acquisition
Raleigh, founded in Nottingham in 1887, was acquired by Accell in 2012 for around 100 million US dollars (£74 million). The brand is known for its Chopper model with extended handlebars, now part of its “retro” range. Raleigh no longer manufactures bikes in Nottingham, with its head office relocated to Eastwood, Nottinghamshire, and the company has shifted focus to electric bikes under Accell’s ownership.
Restructuring efforts
Accell underwent a restructuring in February, securing additional funding from shareholders and lenders and reducing debts. Despite these measures, the company said it had “explored every possible avenue” for its future, including discussions with potential buyers, but no viable solution was found. Consequently, insolvency proceedings have been initiated in the Netherlands.
CEO statement
Accell’s chief executive Jonas Nilsson said: “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. It is an especially difficult moment for our employees, creditors, customers, suppliers, and partners. 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. 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.”
