Four months on from declaring bankruptcy, things are looking a little more positive for Cake. Not long after the Swedish producer of light electric motorcycles and mopeds made the unfortunate announcement, its intellectual property was acquired by Norwegian concern Brages Holding AS. This week, some “initial plans for Cake’s future” have been shared by the reborn operation.
A “new and small team” including some “key employees” from Cake’s earlier operation has been formed, led by former Cake chief technical officer Petra Färm. She said:
"It is an honour to be part of the next chapter in the CAKE journey. The original journey of CAKE was on the brink of success. However, there was obviously a need to pivot in certain strategic areas, and I believe there is great potential now in making these changes to evolve CAKE into a profitable company.
“When we began scouting for members of the new core team, we discovered that there was still so much love and passion for the brand. CAKE has a legacy of being something different, and we plan to keep it that way. Our products are built to last; every detail, down to the smallest component, is carefully engineered and thoughtfully designed.
“CAKE is a strong brand with immense appeal and premium products. We have everything we need to be an important player in the transition to more sustainable urban mobility solutions."
Brages owner Espen Digernes meanwhile explained the thinking behind the acquisition:
"As a car retailer in Norway, we have witnessed how fast the electrification shift can go when people set their minds to it. Now, we believe the transformation in the micro-mobility sector will accelerate as well.
“Our goal in acquiring CAKE was to evolve the brand. We aim to scale CAKE by building a robust retailer distribution network and transforming a remarkable Swedish initiative into a Scandinavian success.
“Since the acquisition in March, a business plan has been crafted for the new CAKE. This plan is an ambitious quest to lead the premium electric two-wheeler segment in targeted markets. At the same time, we aim to sustain the passion and enthusiasm for the brand through our CAKE team and the devoted community of riders.”
So far, so vague, then, but we do at least get one key detail in the press release - the brand store in Stockholm is back open, and Cake motorcycles that were produced before the bankruptcy but unsold are very much available.
