VanMoof: E-bike firm goes bust after Covid boom

VanMoof, the Dutch high-end electric bike-maker, has gone bust after the brothers who founded it were unable to save the firm.

VanMoof, which claims to have 190,000 customers worldwide, was declared bankrupt by the Amsterdam District Court on Tuesday.

The firm saw demand for its bikes grow during the pandemic and raised millions of dollars to fund expansion.

But its stores have now been closed and online orders have stopped.

Administrators are looking at whether VanMoof can be saved by selling its assets or restructuring its debts.

VanMoof was founded in 2009 by Dutch brothers Taco and Ties Carlier who wanted to make "the perfect city bike".

The bikes, which start at around £2,000, are known for their modern, sleek design with a battery built into the frame.

During the pandemic, bike sales in general soared and VanMoof as a brand took off.

The firm raised $128m (£98m) from investors to expand, at the time describing itself "most funded e-bike company in the world".

However, according to reports there were problems with the firm's newer models and it was struggling to shoulder the costs of repairs.

There were also reports of long delivery times for bikes and a shortage of parts.

In an email to staff, published by The Verge, Taco and Ties Carlier said: "Over the last weeks Ties and I have tried to find a future for VanMoof.

"We're extremely sorry to have to report that despite our best efforts we did not succeed and we have had to file for bankruptcy."

VanMoof, which has around 700 employees, mainly sells its bikes online but also has shops in 20 cities worldwide, and service hubs in 50 cities.

A spokesperson for VanMoof told the BBC: "The trustees are continuing to assess the situation at VanMoof and are investigating the possibilities of a re-start out of bankruptcy by means of an asset sale to a third party, so that the activities of VanMoof can be continued."

The bankruptcy currently only affects the firm's Dutch business, not its international subsidiaries. VanMoof said it was unsure what would happen to stores outside of the Netherlands but that its "intention is to keep these entities running as usual".

Its London and Paris shops are shut, according to its website. It also said:

• Outgoing deliveries of bikes and bike parts have stopped

• Repair stores are closed in the Netherlands, but customers can pick up bikes that were left for repairs

• A procedure for pre-payments and refund requests is being set up

It told customers that their e-bikes will not stop working, adding that the firm aimed to keep its app and servers online and secure "ongoing services for the future".

It advised owners to download their e-bike's unique digital key, in case online servers go down.