Company behind Copenhagen’s city bike program going bankrupt

Financially-stricken GoBike has failed to attract new investors

The Danish bicycle rental company GoBike, which provides the white electric- driven bicycles for Copenhagen’s city bike program, has gone bankrupt after attempts to find new investors fell through, reports Berlingske Business.

According to GoBike chair Nils Erik Nielsen, there was no interest from potential investors in saving the company once its main partner, the City and Commuter Bike Foundation, backed out of ongoing negotiations.

On March 1, the financially-stricken GoBike went into receivership, but the City and Commuter Bike Foundation refused to take over the company because of its dire financial situation.

“Our task is to ensure the bikes work and that the different requirements for repairs and so on are considered,” Nikolaj Bøgh, the chair of the City and Commuter Bike Foundation, told Berlingske Business.

“We believe it is not possible with the presented financial [report].”

READ MORE: Copenhagen’s bikes breaking new records

Available in the future
Nevertheless, the bicycle-sharing program will go on unaffected for the foreseen future as the foundation will, on behalf of DSB and Copenhagen and Frederiksberg municipalities, support the operational costs of the program with 80 million kroner over the next eight years.

According to Berlingske, Copenhagen Municipality knew from the start that GoBike had financial problems and thus required bank guarantees for its investments.

After two unsuccessful years, the GoBike program finally took off last year when users rented the electric driven-bikes for more than 700,000 trips.

The most recent figures suggest this year might be even more successful as five times more trips were booked during the month of February compared to the same period last year.

READ MORE: Commuters and city bike customers both smacked by price hikes





  • How internationals can benefit from joining trade unions

    How internationals can benefit from joining trade unions

    Being part of a trade union is a long-established norm for Danes. But many internationals do not join unions – instead enduring workers’ rights violations. Find out how joining a union could benefit you, and how to go about it.

  • Internationals in Denmark rarely join a trade union

    Internationals in Denmark rarely join a trade union

    Internationals are overrepresented in the lowest-paid fields of agriculture, transport, cleaning, hotels and restaurants, and construction – industries that classically lack collective agreements. A new analysis from the Workers’ Union’s Business Council suggests that internationals rarely join trade unions – but if they did, it would generate better industry standards.

  • Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    The numbers are especially striking amongst the 3,477 business and economics students polled, of whom 31 percent elected Novo Nordisk as their favorite, compared with 20 percent last year.