On Yer Bike: Raleigh Bought By Dutch Firm
The British firm behind classic bike brands such as the Chopper, has been sold off to a Dutch company.
Raleigh, which was founded when Sir Frank Bowden bought an interest in a small bike firm in Nottingham's Raleigh Street in 1887, is being bought by Accell for £62.2m.
At its height, the firm was the biggest bicycle maker in the world, employing 8,000 people after the Second World War.
Accell said Raleigh's brands, including Avenir and Diamondback, would compliment its own stable of names including Batavus and Sparta.
The deal, which still needs the approval of regulators, is likely to net Raleigh chief executive Alan Finden-Crofts a multi-million pound windfall.
He is one of the company's largest shareholders after he led a management buyout in 2001.
Raleigh, which sold 850,000 bikes worldwide last year, still employs more than 100 staff in Nottingham where it designs bikes but they are made in the Far East.
It currently has annual sales of £195m a year and 430 employees.
Mr Finden-Crofts said: "In Raleigh, Accell Group is acquiring a true global brand with 125 years of heritage and distribution into over 140 countries worldwide.
"I am entirely confident that Raleigh has found the ideal employer to support the employees, customers, suppliers and the future growth of the business."