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Möve Bikes insolvent: Thuringian pedelec manufacturer is looking for investors

In spite of modern pedelecs: Möve is insolvent. (Photo: Möve)

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 through a pre-financing of the bankruptcy money.

Möve Bikes got into trouble because “the bank debt, which in recent years was due to the high costs for the market entry and the rebranding of the traditional brand “have reached a level that can no longer be repaid through normal business operations, 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 to the newly founded company Möve Bikes GmbH transferred. 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. The first pedelec was added in 2019.

Möve E-Fly Up: Our test pedelec. (Photo: t3n)

With the successor to this pedelec, the Möve last year under the name E-Fly Up had brought the manufacturer to the attention of a wider public. We have tested the pedelec extensively here at t3n and found it to be good. The crux of the E-Fly-Up was the high, but not excessive, price of around 5,400 euros.

In December 2020 Möve had the E- Fly Airy presented a pedelec that doesn’t have an electric drive at first glance. To do this, 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 EUR 3,700, the company was preparing to reach the middle price segment.

Search for a new investor is ongoing

“We are working intensively on a sustainable renovation solution for Möve Bikes and have initiated a structured process through which we intend to implement a 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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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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