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Employee of Raleigh’s owner may have stolen four million euros from company

Exact impact will depend on what can be recovered

Accell Group, the owner of Raleigh UK, has said that an employee in Taiwan may have stolen as much as 4 million euros, reports BikeBiz. The money was withdrawn from the company’s bank account.

René Takens, CEO of Accell Group, told Bicycle Retailer that investigations were ongoing.

"The theft is obviously a disappointment to us. Preliminary investigations indicate that this is an isolated incident, which will not affect the company's operational profitability. At the same time, it does indicate we need to strengthen our control systems even further."

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Takens said that the company's results for the second half of 2015 would actually still be in line with projections due to higher than expected sales and profits. He said that a continued rise in sales of electric sports bikes (e-MTBs) in various European countries had been a major reason for this.

As well as Raleigh, Accell Group’s brands include Batavus, Sparta, Koga, Loekie, Ghost, Haibike, Winora, Diamondback, Lapierre, Tunturi, Atala, Redline and XLC.

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