Reviews Möve Bikes insolvent: Thuringian pedelec manufacturer is looking for investors
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The bicycle and pedelec manufacturer Möve Bikes from Mühlhausen had to file for insolvency at the beginning of February 2021. Business operations should continue without restriction.
At Möve Bikes GmbH in Thuringia, the insolvency administrator now decides. He is looking for investors and sees good prospects for success. That is why he decided to keep business operations running normally. New orders are still possible, customer down payments should be safe and even the main supplier should have been successfully integrated into the rescue concept. Wages are said to have been secured by pre-financing the bankruptcy money.
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Möve Bikes got into trouble because “the bank debts that have accumulated in recent years due to the high costs of entering the market and the rebranding of the traditional brand” have reached a level that can no longer be repaid through normal business operations, such as Managing director Tobias Spröte explains.Möve Bikes has been building pedelecs since 2019
Spröte acquired the trademark rights to the name “Möve” in 2011 and transferred it to the newly founded company Möve Bikes GmbH in November 2014. In 2017 Möve started the series production of bicycles with the specially developed Cyfly drive, which should enable less strenuous riding through optimized power transmission. A first pedelec was added in 2019.
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With the successor to this pedelec, which Möve launched last year under the name E-Fly Up, the manufacturer was able to attract the attention of a wider public. We have tested the Pedelecand found it to be good. The sticking point of the e-fly-up was the high, but not excessive, price of around 5,400 euros.
In December 2020 Möve presented theSearch for a new investor is ongoing , a pedelec that doesn't have an electric drive at first glance. The Airy uses a slim wheel hub motor on the rear axle and a battery that is permanently installed in the down tube. With prices starting at 3,700 euros, the company was preparing to reach the medium price segment.
“We are working intensively on a sustainable renovation solution for Möve Bikes and have initiated a structured process through which we intend to find a suitable investor. I am optimistic here because the very high-quality bikes from Möve Bikes have good international market opportunities and the patented Cyfly drive, as well as the traditional name Möve and the highly qualified employees, can be of great interest to an investor, "says the insolvency administrator Marcello Di Stefano confident.
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