Accell bike maker files for insolvency in Netherlands

Accell, the Dutch bicycle maker behind Batavus, Babboe and Raleigh, said Thursday it had filed for insolvency after a suspension of payments was granted to its Dutch entities.

Accell Group Holding B.V. and its Dutch subsidiaries said the move followed a review of possible alternatives. Chief executive Jonas Nilsson said in a company press release that every realistic option had been explored, but none had allowed the group to continue in its current form.

Local media outlet NOS reported that Accell had struggled for some time. During the Covid period, the company was unable to source many components and could not meet demand, then was left with a large stock surplus when demand returned to normal after the pandemic, NOS reported.

In February, Accell reached an agreement with creditors after a restructuring. The agreement included transferring the company to its creditors, according to an Accell statement.

French bicycle manufacturer Cycles Lapierre, an Accell subsidiary, also announced earlier Thursday that it had filed for administration.

Accell is based in Heerenveen in the northern Netherlands. The group was acquired four years ago for 1.5 billion euros by investment fund KKR and a consortium.