Raleigh was founded in Nottingham in 1887 and at one stage was the biggest bicycle maker in the world, employing about 8,000 people at its peak.
It stopped making bikes in the city decades ago, and in 2024 it vacated its headquarters on Church Street in Eastwood to move to new premises less than a mile away.
Announcing plans to initiate insolvency proceedings, Nilsson said Accell had worked “to restructure [its] operations and finances”.
“Every realistic option for the future of the business has been tirelessly explored, and none have resulted in a solution to continue the group in its current form,” he said.
“Our immediate focus is to support an orderly process, provide clarity wherever possible, and work with the relevant court-appointed administrators to preserve viable activities and employment where circumstances allow.”