An iconic British bikemaker is at risk of collapse after entering insolvency proceedings this week. Raleigh is widely recognised for its well-known Chopper bike. The design featured elongated handlebars and a seat with a backrest and became extremely popular in the 70s.

The brand was established in Nottingham in 1887 and became the world's largest bicycle manufacturer. Though in 2012, Netherlands-based Accell Group took over Raleigh in a deal worth $100million (£62million), and now 14 years later, the company, which also runs brands such as Haibike, Lapierre and Ghost, could be at risk after a proposed takeover by Singapore's DuTech Group has fallen through.

Accell chief executive Jonas Nilsson explained that it is a "deeply sad and frustrating situation given all the hard work and everything we have achieved, with the support of shareholders and lenders, to restructure Accell's operations and finances".

"It is an especially difficult moment for our employees, creditors, customers, suppliers and partners," Mr Nilsson added.

"Every realistic option for the future of the business has been tirelessly explored, and none have resulted in a solution to continue the group in its current form."

In 2022, Accell faced financial challenges and was acquired by American private equity giant KKR, which funded the deal with a combination of equity and debt.

It was thought that high cycling demand driven by the pandemic would continue.

However, it actually collapsed, and hundreds of millions in new debt crushed Accell's cashflow as mounting interest payments collided with declining revenues.

A restructuring followed in February, which significantly reduced the company's debt and shifted majority ownership from KKR to its lending syndicate.

Accell also offloaded its titanium brand, Van Nicholas, to the Italian firm Velo-ce in January.

The company has been engaging with potential buyers, but no deal has been confirmed.