The Plovdiv-based medical device company BTL Industries has bought the electric bicycle production facility in Kuklen, owned by the insolvent company “E-Velox” Ltd. The deal is worth €17,450,000, and the new owner plans to build a medical equipment and apparatus plant at the complex.
The auction was held at an initial price of €17,424,000, set at 80% of the market valuation of the property. This was the second attempt to sell the facility. In the first procedure, the initial price was €21,780,000, or €4,356,000 higher.
“The ruling enters into force today, and the process of installing the new owner is now forthcoming,” said Antoaneta Nikolova, lawyer and insolvency administrator of “E-Velox”, quoted by Plovdiv24.bg. Once it enters into force, the buyer will be granted possession of the property.
The money will go to UniCredit Bulbank
The sale price will be transferred to UniCredit Bulbank, and 83% of “E-Velox’s” liabilities to the bank will be repaid with it. For the remaining amount, the insolvency administrator has filed a claim against “Lider-96” Ltd., which owns the electric bicycle manufacturing company.
The property is located in the Kapsida area of Kuklen’s industrial zone and covers 46,999 sq m. It includes two industrial buildings, one of which is divided into two separate units, an administrative building and the movable property in the buildings. All assets were sold as a single unit.
From electric bicycles to medical equipment
BTL Industries plans to use the facility to manufacture medical equipment. According to information confirmed by Maritsa, the company will develop high-tech manufacturing operations in Kuklen, with around 300 jobs expected to be created.
The factory was built by “E-Velox”, a company established in 2021 whose business activities include the production and sale of bicycles and electric bicycles. The initial project envisaged an investment of more than BGN 28 million and 330 new jobs. The state provided more than BGN 1.5 million for public infrastructure serving the industrial zone under the Investment Promotion Act.
The insolvency of “E-Velox”
“E-Velox” was declared insolvent by the Plovdiv District Court. Insolvency proceedings were opened in February 2026, and in June the company was declared insolvent and stripped of the right to manage and dispose of its assets.
The company is a subsidiary of “Lider-96”, which has reported a significant decline in turnover in recent years. According to data cited by Plovdiv24.bg, revenue fell from BGN 225 million in 2022 to less than BGN 80 million in 2024, while creditors secured claims worth more than €66 million.
Following the sale of the facility, BTL Industries will be granted possession and the property will be prepared for the new production operations. No specific deadline has been announced for the future medical equipment plant to begin operating.
Sources: plovdiv24.bg, marica.bg, economic.bg