The company is to be continued; the workforce has been reduced from 49 to 15 employees.
“We manufacture bicycles – both for established brands and for newcomers who want to launch their first series. Our comprehensive service package covers every step in the manufacturing process, from the blueprint to delivery of the bikes. We stand for one Maximum quality along the entire value chain, including quality checks before export from Asia, a maximum of flexibility in the production processes that allow the simultaneous production of small and large series from batch size one and the Assembly and painting of your wheels in the heart of Europe – in our factory hall in Regau (Upper Austria),” says the company’s homepage. “In this way, we can not only respond precisely to your needs, but also respond to current market requirements as quickly as possible, thereby giving you a decisive competitive advantage. YOUR bike is OUR passion.”
About the assets of the WSF Bicycle Technology GmbH, became loud Credit reform Reorganization proceedings without self-administration were opened at the Wels regional court. The proceedings became loud AQUA and KSV1870 initiated at the debtor’s own request. 15 employees are affected.
The company
“The debtor, founded in 2020 and based in Regau, Upper Austria, produces bicycles for national and international bicycle manufacturers on an area of around 7,000 square meters. Since 2021, the debtor’s business area has also included the procurement, painting, assembly and delivery of all types of (e)-bikes, e-scooters and new mobility vehicles in both small and large series,” it continues. “In 2023, the output was around 25,000 pieces, potentially up to 140,000 pieces could be produced at the company location.”
The causes of bankruptcy
„A collapse in customer orders due to the current market and sales situation in the corporate sector, which suddenly reversed after strong growth in the years 2020 to 2022, resulting in a sharp decline in market volume at the end of 2023. As a result, hardly any new customers could have been won and there were significantly fewer orders from existing partners,” he quotes AQUA from the bankruptcy filing. “Due to delays in the delivery of parts required for production, there were further time shifts and delays, which meant that some existing orders could not be completed on time or a large order could not even be started. “
Debts and assets
It continues: “These developments have led to a sharp reduction in utilization from around 1,500 bicycles per month in the first quarter of 2023 to currently under 300 bicycles per month. Despite achieving significantly higher prices, the company was no longer able to compensate for the loss of volume in terms of sales and thus became insolvent.
The liabilities amount to according to KSV1870 around 2.373 million euros, the assets of around 173,000 euros.
The future
The company is to be continued; cost savings and restructuring measures have already been implemented. In particular, the number of employees was reduced from 49 employees to 15 employees.
According to the application, the market for bicycles is slowly recovering. Calls from existing customers and new orders would increase again, “so that continued operations can be financed from ongoing operational activities.” In addition, promising discussions are already underway with potential investors.
“The insolvency administrator will check whether it is possible to continue the company without further losses for the creditors,” says Petra Wögerbauer from KSV1870. The company offers creditors a restructuring plan of 20%, payable within 2 years from acceptance of the restructuring plan