Owner of bike maker Raleigh files for insolvency

Accell Group has commenced insolvency proceedings for the bicycle brand Raleigh after unsuccessful attempts to find a buyer. The Netherlands-based company announced the decision on Wednesday, stating it had been unable to secure a viable solution for continuing operations.

The move has placed the future of the renowned Raleigh brand in the hands of administrators. Accell Group has owned Raleigh since 2012, but the company's efforts to identify a potential buyer have not materialized, leading to this step towards insolvency.

The developments come amid ongoing challenges for the bicycle manufacturing sector, affecting historically significant brands such as Raleigh.