With almost 200 million euros, Vanmoof was the most highly funded e-bike start-up in the world, but the bicycle manufacturer still had to declare bankruptcy
. manager magazin recently reported on the background to the decline reported again in detail
. But the saga is not over yet – potential buyers have until this Wednesday to submit a final offer.
The company’s financial situation is extremely tight. As has now become known, the company of the founders Taco (45) and Ties Carlier (44) had accumulated debts of around 144 million euros to suppliers, tax authorities and lenders at the time of the bankruptcy. This emerges from documents that the two appointed Dutch insolvency administrators have submitted to a court in New York, reports the Dutch financial newspaper “Financieele Dagblad”
(F.D.). The papers provide the first insight into Vanmoof’s financial situation.
Accordingly, Vanmoof had significant financial problems in the late summer of last year. In the fall, a group of investors led by US venture capitalist TriplePoint gave the bicycle manufacturer an undisclosed amount, enabling it “to get its cash flow problems under control for a short time,” the newspaper quoted from the report trustee. The American investor later provided another loan of almost 43 million euros. The company did not comment on the figures.
The documents are part of an application for the suspension of proceedings pending in the USA by a Vanmoof customer who had an accident, as bankruptcy administrator Jan Padberg explained to the newspaper. The filing documents would distinguish between three major groups of creditors: The lenders led by TriplePoint lent VanMoof a total of $77.9 million. Vanmoof owes 50.6 million euros to suppliers and other business partners. In addition, there are tax debts of EUR 15.3 million, of which the company owes around EUR 12 million to the Dutch tax authorities.
Vanmoof made a loss on every bike sold. According to the preliminary 2021 annual report, they totaled around 80 million euros and were incurred in 2022 at about the same amount. Vanmoof then tried to cut costs by downsizing and closing loss-making stores. After a freeze on sales, a change in management and missed interest payments, this finally followed the bankruptcy
.
Potential buyers position themselves
Rumors have been circulating for weeks that several interested parties are interested in Vanmoof or parts of the company. In early August, Micromobility, a global provider of sustainable transportation and micromobility services, ventured out of cover with a no-obligation bid. According to the company, this was rejected. More offers are said to have recently been announced. A subsidiary of the McLaren-Applied Formula 1 racing team is said to have been interested in the meantime. An investor group led by Dutch industry veteran Brian Mogensen is also said to be according to the industry service “Cycling Electric”
to flirt with a bid. Insolvency administrator Padberg told the FD that he had no contact with Mogensen. The insolvency administrator did not respond to a request from manager magazin. Vanmoof did not comment on the status of the investor search.
According to “Financieele Dagblad”, potential buyers must submit their final offer to insolvency administrator Padberg this Wednesday. The lawyers would then determine with whom they would enter into exclusive negotiations. Time is of the essence: Because the payment of salaries is only secured until August 30th. Vanmoof reportedly had around 700 employees at the end of the day.