Raleigh owner Accell’s credit rating downgraded for fourth time in a year, as group’s cargo bike company slammed for “shambles” recall of faulty frames

Raleigh owner Accell’s credit rating downgraded for fourth time in a year, as group’s cargo bike company slammed for “shambles” recall of faulty frames

> Raleigh owner Accell Group to cut jobs and streamline European production to"simplify operations and enhance efficiency" “My children are nine, seven, and three-years-old, and one is five months old, so I always had a few in the cargo bike. Now, I haven’t been able to ride it since February,” Natalie Rijneveen told AD.

According to Fitch Ratings, the turmoil of recent months has contributed to the uncertainty currently surrounding Accell’s recovery process, which may result in further restructuring and job losses. Fitch’s report also noted that Accell now relies on its shareholder KKR, which provided a loan of €298 million last year. Fitch said this loan “confirms the shareholder's strong commitment to the business. However, the lack of visibility on the pace of recovery means we cannot accurately assess how long the available shareholder commitment and whether additional capital injections would be needed.

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