Bankruptcy TDR E-Bikes of Rabo Road Racing Manager
RAALTE, The Netherlands – Theo de Rooij, former manager of the Rabobank professional road racing team who started in e-bikes under TDR brand name, is forced to stop such activities. The management of TDR Bikes BV announced its bankruptcy yesterday.
“Despite a great start in late 2011, with the Eurobike Gold Award crowning for the most innovative e -bike product, and numerous other design Awards, bringing the bike to the market proved to be a cumbersome process,” says a press release of the company.
This press release furthers with: “Plagued by first production run problems as well as quality problems with components from suppliers, including electronics, TDR could only start delivery at the end of 2012. Because of the bad spring weather the 2013 season really only commenced in June. That meant that the sales numbers required for a good foundation of the young company, could not be reached.”
By the end of 2013 the bankruptcy of its major electronics supplier Betronic Solutions BV in Amsterdam also created a major problem for TDR Bikes BV.
No capital injection
In the past nine months, market parties were approached to investigate the possibility for cooperation and/or acquisition. Despite a benevolent attitude of the ING Bank, a limited number of creditors and the fact that the Participation Agency East Netherlands (PPM) was ready to participate for 50%, the other required- 50% could not be raised from the market at short notice.
Too little time
This additional capital was absolutely necessary for meeting warranty claims with improved components, the supply of new components as well as for developing new electronics. The required additional time for that would have had a negative impact on the 2014 revenues.
Despite exceptional ride quality
“The TDR Bikes BV management and shareholder have done their utmost to keep the company afloat. That this failed is more bitter when one realizes that the TDR e-bikes at home and abroad are recognized for their exceptional ride qualities,” concludes the company press release.
TDR Bikes BV is still investigating how to continue the support for the delivered e-bikes.