Accell UK and Ireland, part of the Netherlands-based Accell Group, filed a notice of intention to appoint administrators.
The company, which acquired Raleigh for around $100 million (£74 million) in 2012, has initiated insolvency proceedings in the Netherlands.
Jonas Nilsson, chief executive of Accell Group, said: “This is a deeply sad and frustrating situation given all the hard work and everything we have achieved, with the support of shareholders and lenders, to restructure Accell’s operations and finances.
“It is an especially difficult moment for our employees, creditors, customers, suppliers, and partners.
“Every realistic option for the future of the business has been tirelessly explored, and none have…