Accell, the Dutch bicycle group behind brands such as Batavus, Sparta, Koga, and Babboe, has been granted a stay of payment, which is often a precursor to bankruptcy. Acquisition talks with a Singaporean investment firm fell through. Financial headwindsSince undergoing financial restructuring in February, Accell had been controlled by a group of creditors—a solution that was not intended to be a long-term arrangement. The COVID-19 pandemic led to a surge in orders, but after demand fell off, large inventories of bicycles remained unsold. A year ago, Batavus closed its factory in Heerenveen—one of the oldest bicycle factories in the Netherlands—to relocate assembly to Hungary.