The Netherlands’ largest bicycle manufacturer, Accell, has been declared insolvent, leaving an uncertain future for major brands such as Batavus, Sparta and the British-based bike maker Raleigh.
A court appointed curators last week when Accell applied to suspend payments to its creditors, the last step before insolvency in the Netherlands.
In a statement, the curators said they would explore all options, including a relaunch for Accell’s Dutch operations, based in Amsterdam. The company’s other European branches remain in business.
CEO Jonas Nilsson said: “Every realistic option for the future of the business has been tirelessly explored, and none has resulted in a solution to continue the group in its current form.”
Irish media reported that Quanta Capital, a Dublin-based investment firm founded by former road race cyclist Mel Sutcliffe, was preparing a bid with a number of other investors. Sutcliffe sold Eurotrek Raleigh Ireland to Accell 10 years ago.
Pandemic buyout
Accell was bought by a consortium led by New York-based private equity firm KKR for €1.8 billon in 2022 following a surge in demand for bicycles during the coronavirus pandemic.
But the company struggled to produce bikes fast enough and its costs rose after it ordered too many components in anticipation of a sustained rise in sales that never materialised.
By the time supply chains recovered after lockdown, Accell was left with a mountain of unsold bikes that it had to sell at a discount to limit its losses. Revenues fell 22% in 2024 to just over €1 billion.
Accell closed the Netherlands’ last remaining bike factory, the Batavus plant in Heerenveen, last year, shifting production to Hungary and shedding 160 jobs.
Babboe recall
The company was also hit by the mass recall of 22,000 Babboe cargo bikes after it received hundreds of complaints about the frames breaking on the road, which cost it tens of millions of euros as well as severe reputational damage.
The consumer standards agency NVWA briefly banned Babboe from selling new bikes and launched a criminal investigation amid allegations that the company had tried to cover up the flaws.
The collapse of Accell leaves the Netherlands with only one major bike maker, Gazelle, based in Dieren, as well as a handful of smaller manufacturers such as Kruitbosch (whose brands include Cortina) and Azor.
The consumer protection agency Consumentenbond has advised owners of Accell-made bikes to check the status of their guarantee with the shop or retailer where they bought it. Some replacement parts are still available because they were made by other companies.
