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Revolutionary Tango Folding Bike Causes Urban Solutions’ Bankruptcy

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ALMERE, The Netherlands (February 18) – Urban Solutions BV has been declared bankrupt. The ambitious company that was started in 1997 as a design and marketing company for the development of urban vehicles, was ruined by its most conspicuous project, the Tango folding bike. Main reason for the bankruptcy is the repeated postponement of the […]

ALMERE, The Netherlands (February 18) – Urban Solutions BV has been declared bankrupt. The ambitious company that was started in 1997 as a design and marketing company for the development of urban vehicles, was ruined by its most conspicuous project, the Tango folding bike. Main reason for the bankruptcy is the repeated postponement of the introduction of the Tango. According to ex Urban Solutions Managing Director Cees Steijn and major shareholder Rob van der Linden of Winning Wheels Holding, this caused a lack of revenues and liquidity. The definitive bankruptcy was filed for by the two Urban Solutions employees after Winning Wheels Holding stopped paying their salaries.
According to MD and owner Rob van der Linden, the Winning Wheels Holding has issued a substantial claim for damages to the design agency Springtime which was responsible for the development of the revolutionairy Tango. Still according to Van der Linden, the Springtime performance was below par, design and construction defaults resulting in a too long development period with necessitated the repeated postponement of the Tango introduction.
However, the Tango was actually shown and introduced during the Amsterdam Rai exhibition in March 2001. Consumers and dealers judged the Tango as too expensive, too heavy and too complicated, says former Urban Solutions MD Cees Steijn. Hence, during 2001 a new prototype of the foldable bike was developed which showed improvements in weight and foldability, and was cheaper to produce. “Unfortunately the bankruptcy prevents the actual introduction of the new prototype which offers great opportunities for future sales. And because of these opportunities, we are convinced that a re-start of Urban Solutions is possible,” says Cees Steijn. However, this re-start is only possible by solving the burden of debts which amounts to about € 500,000. Receiver in the Urban Solutions bankruptcy is mr. F.F.P.M. Vermeer, P.O. Box 87, 3840 AB Harderwijk, The Netherlands, Telnr. +31 341 417023. (JO)

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