The Dutch subsidiaries of the Accell Group have applied for a moratorium on payments through insolvency proceedings. On 5 August 2026, the company announced that the management had concluded that it would no longer be able to meet its financial obligations on time. The next step will be local insolvency proceedings for the affected subsidiaries. In Germany, Accell is known, amongst other things, for bicycles and e-bikes under the Haibike, Ghost, Winora, Batavus, Sparta, Koga, Lapierre and Raleigh brands, as well as cargo bikes under the Babboe and Carqon brands. The company’s crisis has been ongoing for several years. In 2022, the company sold more than 845,000 bicycles, generating a turnover of 1.4 billion euros. Following its takeover by the investor KKR in 2022, the Dutch company was swept up in the industry-wide crisis. At the height of the crisis in late 2023, Accell had around 340,000 finished bicycles in stock and was forced to offer heavy discounts to sell them. In 2024, turnover slumped by 22 per cent and profits fell due to the slump in demand. As debt had risen to around 1.4 billion euros, a debt restructuring agreement was reached with creditors in 2024. This clearly did not help. The warehouse network was reduced from 85 to 28 sites, the Turkish factory was sold and the Heerenveen plant was closed, bringing an end to bicycle production in the Netherlands. Production shifted to Hungary and France. Nor did a further restructuring in February 2026 help. At that time, Accell had reached an agreement with shareholders and lenders. This involved additional financing and a significant reduction in debt. Under the terms of this agreement, ownership of Accell was transferred to the lenders.
Accell takeover falls through
The move also comes as a surprise because preparations were already underway for a takeover by Dutech Holdings of Singapore. Indeed, the German Federal Cartel Office had already approved the takeover of the Accell Group. :“The merger between Dutech and Accell does not give rise to any competition concerns. This applies regardless of whether one considers a single market for all bicycles or divides it into individual segments, such as bicycles with and without electric motors,” had Andreas Mundt, President of the Federal Cartel Office, only announced this on 8 July. However, it now appears that this takeover has fallen through. “Despite these extensive efforts, no viable solution could be found to continue operations in their current form,” Accell stated.
Statement by the CEO of Accell
CEO Jonas Nilsson acknowledged the hopeless situation in a statement: “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 business and financial structure. This is a particularly difficult time for our employees, creditors, customers, suppliers and partners. Every realistic option for the company’s future has been tirelessly explored, and none has led to a solution that would allow the group to continue in its current form. Our immediate focus is on supporting an orderly process, providing clarity wherever possible, and working with the court-appointed administrators to preserve viable operations and jobs, as far as circumstances permit.”
Market position in Europe
Accell Group is a major European player in the e-bike sector and, according to its own figures, the second-largest supplier of bicycle parts and accessories. Its staff work closely with tens of thousands of local dealers across Europe. The group manufactures bicycles and e-bikes under the Haibike, Ghost, Winora, Batavus, Sparta, Koga, Lapierre and Raleigh brands, as well as cargo bikes under the Babboe and Carqon brands. According to information on the company’s website, Accell has 2,000 employees across 15 countries – four years ago, the figure was more than 3,500.
Background: Insolvency in the Netherlands
When a company is in dire straits, Dutch law offers a special form of protection: the provisional suspension of payments, the provisional deferral of payment. The procedure, as set out in the Bankruptcy Act, is aimed at companies which, although they are experiencing temporary liquidity difficulties, have a business model that remains fundamentally viable.
The procedure is deliberately kept to a minimum. Only the company itself – represented by a solicitor – can submit a corresponding application to the relevant regional court. Provided the application contains a clear explanation of the company’s financial situation, the court will usually grant the stay of proceedings on the same day – without a prior hearing. At the same time, an insolvency administrator and a supervising judge are appointed to oversee the proceedings from this point onwards.
The effect is immediate: claims by unsecured creditors are frozen, and attachment proceedings and compulsory liquidation are not possible for the duration of the moratorium. Although the management remains in office, it may only take important financial decisions in consultation with the insolvency administrator. Running costs such as wages and rent, however, must continue to be paid.
Within two to four months, a crucial decision will be made: in a closed-door hearing, the creditors will vote on whether to grant an extension. If a definitive deferral of payment is granted, it may last for up to one and a half years – and may be extended several times if necessary. If no agreement is reached, the protection ends abruptly: the proceedings immediately transition to a standard bankruptcy converted.
Kristian Bauer
Editor