On Wednesday, November 27th, the insolvency application of the German e-bike manufacturer Advanced Bikes was published in the insolvency register. The Frankfurt lawyer Martin Kaltwasser from the law firm Lieser Rechtsanwälte was appointed as the provisional insolvency administrator.
The company explains in an official statement sent out on Wednesday afternoon what will happen next for the bicycle manufacturer, which opened a new assembly plant in Germany in autumn 2023 and moved into a new, modern headquarters including a flagship store in Offenbach.
A view of the Advanced Bikes headquarters, located directly on the Main in Offenbach. (Photo: Velomedien, Laurens van Rooijen)
“Continue like this” is no longer possible with Advanced
In the press release, the two managing directors Helge von Fugler and Wolfgang Momberger write that the decision was not easy.
Especially since “it marks a milestone in the great work the team at Advanced and its partners have done over the last 13 years.” And further: “The current situation in the market, characterized by full warehouses at our customers and also at ours, has made ‘business as usual’ impossible in an economic sense. The investments we made in our production site in Rieste and our office and development site in Offenbach could no longer cover costs due to the decline in sales.”
CEO Helge von Fugler in the Advanced Bikes factory hall in Rieste, Lower Saxony. (Photo: Velomedien, Laurens van Rooijen)
However, the focus is on the future: “The management and the shareholders are convinced by the Advanced brand, its future technology Reco, the production in Germany with the focus and the clear commitment to quality ‘Made in Germany’ and its committed employees,” explains the managing duo.
With the aim of restructuring the company through the insolvency proceedings, a restructuring plan will be drawn up in close coordination with the (provisional) insolvency administrator in the next few weeks.
Production in Rieste is state-of-the-art and a model for nearshoring. It would therefore be a shame if Advanced Bikes came to an end. (Photo: Velomedien, Laurens van Rooijen)
Swiss subsidiary not affected
The business of Advanced Bikes GmbH continues under the administration of the insolvency administrator and restructuring expert. In addition, the subsidiaries Advanced Bikes Switzerland and Advanced Bikes Belgium are not affected by the bankruptcy.
