Raleigh uncertainty eased as bicycle manufacturer's warning notice discontinued by Companies House

Uncertainty over the future of Raleigh — prompted by a warning notice from Companies House over late financial accounts which, if unaddressed, could have seen the British bike manufacturer struck off the register — has been eased and the compulsory strike-off action now discontinued. 

While the serving of a First Gazette notice for compulsory strike-off on its own does not necessarily mean anything more than a company being late to file its accounts, it can raise concerns about goings on at a business and lead to questions about why Raleigh's accounts for 2022, due to be published at the end of last year, still had not been filed over halfway through 2024.

The bike brand's parent company Accell told road.cc that it took responsibility for the situation, stating that the overdue accounts were a result of its own group accounts having not been filed either, "due to the ongoing process regarding its financial structure".

Much of the uncertainty about the iconic bike brand came from the context to which the strike-off warning was delivered, just months after job cuts, restructuring and a move away from the manufacturer's Nottingham headquarters due to a "challenging market".

Raleigh UK and Raleigh Holdings were both served first gazette notices, both strike-off cases now being discontinued by Companies House. In other similar cases we have previously seen brands address the strike-off notice situation by subsequently filing their late accounts, without need for further concern.

road.cc contacted Raleigh for comment on this story and received a statement from Accell, the British bike manufacturer's parent company stating: "The delay in publishing Raleigh UK accounts relates to the fact that Accell Group is yet to file the group's annual accounts. This is due to the ongoing process regarding its financial structure."

Now, an update on Companies House, says: "Cause has been shown why the above company should not be struck off the register and accordingly the Registrar is taking no further action under section 1,000 of the Companies Act 2006".

The saga came with the context of, in January, it being revealed that Raleigh would be moving from its Eastwood headquarters as its parent company Accell made redundancies and restructured the business. The redundancies were first touted in November, when Netherlands-based Accell launched a formal employee consultation on restructuring proposals, following a detailed review of the business which, the parent company said, would "better position our operations for sustainable growth".

> Raleigh owner Accell Group to cut jobs and streamline European production to "simplify operations and enhance efficiency"

In June, Accell had its credit rating downgraded for the fourth time in a year, Fitch Ratings saying the company's "weak operating performance, tight liquidity, and negative free cash flow results in unsustainable credit metrics". Earlier in the year the Dutch company, that also owns bike brands such as Raleigh, Lapierre and Ghost, said it is to "simplify operations and enhance efficiency" by merging facilities and cutting up to 150 jobs.

In January, Accell confirmed the proposed job losses at Raleigh's head office in Eastwood, the brand's headquarters since the early 2000s, with the company expected to vacate the site in "due course". It also said its parts and accessories department would close and that warehousing would be outsourced.

"Following the launch of a business review and employee consultation, our proposed changes to Accell's UK operations have been confirmed and will be implemented," the parent company said in a statement at the time.

"These changes will better integrate Accell UK into the wider Group business and position our UK operations for sustainable growth while retaining our HQ in the Nottingham area. This has been a very difficult decision and we are supporting those impacted by the changes, while maintaining our service to our bike shop partners and customers."

Founded in the 1880s, and at one point operating the largest bicycle factory in the world and employing 13,000 people across the UK, Raleigh moved from its Triumph Road factory in Lenton to the Eastwood facility.

However, that base was described in recent years by Accell as "outdated and inflexible" in the face of changing customer needs, while Raleigh ceased assembling bikes in the UK over 20 years ago.