Dutch bicycle conglomerate Accell, which owns a number of well-known brands, has been granted a suspension of payments, thereby beginning insolvency proceedings.
While the company describe themselves as "Europe’s market leader in e-bikes and second largest in bicycle parts and accessories", they own French race bike manufacturer Lapierre, which provides bikes to men’s and women’s WorldTour squads, Picnic-PostNL.
The company has apparently been in trouble for some time, passing ownership to its creditors earlier in the year, but it has been unable to find a way forward.
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"Since then, Accell and its advisers have explored every possible avenue for the Group’s future, including discussions with several interested parties, the consideration of multiple offers and seeking regulatory approval for a potential merger," read a company statement.
"Despite these extensive efforts, it has not been possible to reach a viable solution for Accell to continue operations in their current form. Having exhausted all the available options, the directors of the Group have concluded that it is no longer able to meet its financial obligations as they fall due and that initiating local insolvency proceedings of the relevant Group subsidiaries is the necessary next step."
The company’s current status is 'granted suspension of payments’, a situation where it is no longer required to pay its creditors.
"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," said company CEO, Jonas Nilsson. "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."
As the bike supplier to Team Picnic-PostNL for the last two seasons, Lapierre’s insolvency is sure to affect the team, though they are yet to respond to a request form Cyclingnews.
However, the brand’s UK website directs visitors to a firm of Administrators, and the company’s French website offers a dead link to a press release 'concerning the situation of Lapierre Cycles.’
Other brands owned by Accell include legendary British brand Raleigh, which sponsored top level teams in the 1990s and before. Mountain and gravel bike manufacturer Ghost sponsored an MTB team for many years, but that closed down in March "due to internal focus changes and redirection of the brand".
The websites of both Raleigh and Ghost refer visitors to administrators, with identical messages on both companies' sites.
Other brands affected are Batavus, Sparta, Carqon and Babboe cargo bikes.
