Business continues - wages are secured - search for investors is in full swing

Mühlhausen - Provisional insolvency proceedings were initiated against the assets of Möve Bikes GmbH, based in Mühlhausen, Thuringia, on 05.02.2021 and lawyer Marcello Di Stefano of DiLigens Rechtsanwälte & Insolvenzverwalter was appointed as provisional insolvency administrator. As the reason for filing for insolvency, the debtor's managing director Tobias Spröte stated that the bank debts, which had accumulated in recent years due to the high costs of entering the market and rebranding the traditional brand, could no longer be repaid in the normal course of business.

As a Made-in-Germany manufacturer, Möve Bikes develops and builds conventional bicycles and pedelecs in the upper quality and price segment and exclusively offers its own highly developed drive concept with cyfly®. This causes a considerable increase in efficiency of the pedal crank drive through a sophisticated mechanism patented by Möve Bikes. This torque increase of around 30 % also enables a significantly higher range of the e-bikes, as the mechanics are used in particular when starting off and the battery is conserved.

The business operations of Möve Bikes will continue without restrictions under the supervision of the preliminary insolvency administrator and his team. The wages and salaries of the employees have been secured through advance financing of the insolvency money. In addition, a continued supply agreement was reached with the debtor's main supplier. This ensures that the existing customer orders are processed promptly and that even the advance payments made by customers are not lost, but are credited to the affected customers.

New orders are accepted as normal; this also applies to the popular Try & Buy concept, which gives the customer an intensive trial period before deciding to buy. All bicycles already ordered and also all newly ordered bicycles are duly delivered.

"We are working intensively on a sustainable turnaround solution for Möve Bikes and have initiated a structured process through which we intend to find a suitable investor. I am optimistic here because Möve Bikes' very high-quality bicycles have good international market opportunities and the patented cyfly® drive, as well as the traditional Möve name and the highly qualified employees, may be of great interest to an investor," says insolvency law specialist Di Stefano.

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