| 26 April 2012 |
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Raleigh Bought By Dutch Rival |
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Nottingham based Raleigh Cycle, one of the best-known and oldest bicycle makers in the UK, has been bought by Dutch rival Accell for £62m ($100m).
Subject to approval from competition authorities the deal is expected to go through at the end of May.
Famous for bikes such as the Chopper in the 1970s and the Vektar in the 1980s, Raleigh have been making bicycles 125 years, also makes bikes under the Diamond Back brand.
Founded in 1880 by Sir Frank Bowden on Raleigh Street, the company employs 430 people worldwide, including 100 design staff in Eastwood, Nottingham. Many of the bikes have been made in the Far East since Raleigh ceased production in its home city in 2002.
At one time, the firm was the biggest bicycle maker in the world. In its heyday, after World War II, Raleigh employed some 8,000 people.
"Raleigh is one of the very few examples of a UK company which has successfully migrated from a pure manufacturing model into a global brand; boosting international sales, particularly in North America, and with a fast growing presence in Asia," said Jonathan Buxton, partner at Cavendish Corporate Finance, which advised on the deal.
(H)
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