AGU narrowly avoids bankruptcy and ends Visma | Lease a Bike partnership

Over the past six years, Team Visma | Lease a Bike has grown into one of the most successful cycling teams in the world, while AGU has significantly boosted its product development and brand recognition, according to the press release. Marijn Romer, CEO of AGU, reflects on the partnership with pride. “We are proud to have outfitted the riders of Team Visma | Lease a Bike with our cycling apparel over the past six years. The collaboration highlights AGU's commitment to quality and innovation and has allowed our product development to grow alongside the team’s ambitions.”

AGU has been facing financial difficulties for some time. Yesterday, the Dutch clothing brand announced it would appoint a new CEO as of January 6. Sascha Weil is tasked with “leading the company toward a successful future,” according to the press release. AGU narrowly avoided bankruptcy earlier when the cycling apparel manufacturer and webshop found a new owner in EcoMotion. The acquisition followed a turbulent period for AGU, during which the company filed for a moratorium after a failed deal.

Filing for suspension of payments is often a precursor to bankruptcy, but AGU managed to reach an agreement with its creditors. In a statement, AGU called the EcoMotion acquisition “the keystone for securing the future, allowing AGU to look ahead once more.” However, this future does not include the Dutch cycling team. Earlier, AGU had already ended its partnership with the KNWU (Royal Dutch Cycling Federation).

In line with this new phase for the company, the partnership with Team Visma | Lease a Bike no longer aligns with AGU’s strategy. “In consultation with Team Visma | Lease a Bike, we have decided to end our partnership after the 2024 season. We thank Team Visma | Lease a Bike for the great collaboration,” Romer concludes.