NOTTINGHAM, UK - In an official statement the Raleigh Group Board of Directors reacted last Thursday on what was announced by Accell Group earlier last week. The Raleigh Group Board said that the exclusive discussions with Accell on a take-over of the complete Raleigh Group; “Are at a very early stage.”
The Raleigh Board continues with: “No contract has been agreed and Accell is just at the start of its formal information gathering exercise on Raleigh. There is therefore no guarantee that these talks will lead to an acquisition of the business by Accell.
“There is, however, an excellent fit between the two businesses, both culturally and operationally. The Raleigh Group Board is very supportive of Accell’s approach and is working closely with the Accell directors to progress a possible transaction.”
The Raleigh Board statement that says: “Accell is just at the start of its formal information gathering exercise,” confirms that the Dutch holding company is in the due diligence phase of the acquisition process.”
More new on the possible take-over of Raleigh by Accell was in a local Nottingham newspaper; the city where the bike-maker has been located since it started 125 years ago. The newspaper reported that local MP Graham Allen has urged Accell Group that once the Raleigh acquisition has taken place to have a Nottingham presence.
The MP, whose grandfather worked for Raleigh for 50 years, said: "There would be considerable immediate and long-lasting publicity if the name Raleigh could once again be associated with Nottingham." Raleigh, which sold 850,000 bikes worldwide last year and whose brands include Avenir and Diamondback, still designs bikes in Nottingham, where it employs more than 100 staff in the Eastwood area.