The business that owns Nottingham bike maker Raleigh is facing the end after starting insolvency proceedings.  

Accell, based in the Netherlands, acquired Raleigh for $100million (£74million) in 2012 but said this week it had 'exhausted all the available options' and was 'no longer able to meet its financial obligations'.

The fate of the Raleigh brand will now be decided by administrators. 

Raleigh confirmed a loss of £30.1million before tax in 2023 in its annual financial statement published in January 2025, against losses of £6.8million in 2022. 

Raleigh previously confirmed redundancies in Nottingham in 2024 following a review of the company at the end of the previous year and left its headquarters in Church Street, Eastwood, to move to new premises. 

Raleigh was founded in 1887 and grew to be the largest bike manufacturer in the world. 

Celebrity fans have included Amanda Holden, who has been pictured riding a Raleigh Chopper around the Heart FM radio studios where she hosts a show.

Other Raleigh Chopper admirers include Sir David Beckham and Lady Gaga, while they have also featured in music videos for hits by Supergrass and Lily Allen.

At its peak, Raleigh was making 1million bikes a year at its factory in Nottingham and employed more than 8,000 people. 

Raleigh created the popular Chopper bike, with extended handlebars and seat with a backrest, in the 1970s. 

Jonas Nilsson, chief executive of Accell, said it was 'a deeply sad and frustrating situation'.

Accell underwent a restructuring in February 2026, securing additional funding from shareholders and lenders, and reducing debts. 

Accell said it had held discussions with several interested potential buyers, scrutinised multiple offers and looked at getting regulatory approval for a potential merger to help ensure Raleigh stayed viable. 

Nilsson said: 'It is an especially difficult moment for our employees, creditors, customers, suppliers, and partners. 

'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. 

'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.'

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

Based in the northern city of Heerenveen, the Dutch group was acquired four years ago for €1.5billion by investment fund KKR and a consortium.

European bike and parts makers have come under pressure from Chinese rivals in recent decades, leading to fewer survivors in the sector. 

Accell was bought in 2022 in a £1.2billion buyout by the US private equity firm KKR. 

The British design, exported across the globe, was the brainchild of the late Tom Karen - who died on New Year's Eve 2022, aged 96.

By the end of the 1970s, Raleigh had sold more than 1.5million models - reportedly saving the company from bankruptcy. 

Despite a slump in the 1980s, the bikes gained new popularity in the following decade - and were seen being ridden by Britpop band Supergrass for their Alright video.

Ten years later, Lily Allen also appeared on a Raleigh Chopper in the film for her breakthrough hit LDN. 

Former England captain Sir David Beckham was rumoured to have brought one of the newest releases of the bikes back in 2004, allegedly reserving the number 23 to match his Real Madrid shirt number.

Blur frontman Damon Albarn and US popstar Lady Gaga are also among high-profile fans of the bike. 

Sir David's former teammate and ex-England goalkeeper David James once sold off one of his prized collection of Choppers in 2014 after filing for bankruptcy.

Molly Monks, an insolvency specialist and business expert at corporate insolvency firm Parker Walsh, said: 'The Raleigh name carries enormous affection and recognition, but nostalgia does not pay wages, suppliers or interest.

'A company can be known and loved by millions and still reach a point where it cannot meet its financial obligations.

'Raleigh's situation should be a wake-up call for every British business. Heritage is a valuable asset, but it is not a safety net.

'No brand is too famous to fail if it stops adapting, loses control of its cash or reacts too slowly when the market changes.'