Old Vapiano owners shoot up money – postponed financial statements again

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HamburgThe troubled restaurant chain Vapiano postpones the presentation of its annual report again, this time to mid-June. At the beginning of May, the listed company had canceled the publication of the annual figures at short notice. First, new loans should be negotiated.

This has apparently succeeded. Vapiano announced Thursday evening a few hours before the planned balance sheet release, the necessary sum of 30 million euros had come together. For the success of the operation, therefore shoot the shareholders.

Thus, for example, the investment company of Tchibo heir Günther Herz is involved in the financing, as well as a company of the founder Gregor Gerlach. The Wella heirs Sander shoot over a society. All three were committed before the IPO at the heyday of the chain.

Vapiano is in the red. In 2017, the company made a loss of around 30 million euros, 2018, the total loss according to preliminary figures from February "significantly" below this value. The turnover was 370 million euros. In the same area, ie without new store openings, this was a minus of one percent – given the strong growth in the hospitality industry, these are bad values.

Vapiano has announced several strategy changes to become more profitable again. This includes the withdrawal from a number of countries that had actually made the stock market story when walking on the floor two years ago.

In Germany, new smaller restaurants should help, unprofitable locations could close. On Thursday it was announced that one of two branches in Dortmund will be abandoned on 30 May. 50 employees are affected, reports the "Bild".

With money from the IPO in 2017, Vapiano continued to expand, with more than 30 new restaurants added last year. Vapiano now has a total of 231 restaurants in 33 states, most of them in Germany.

The stock, which started at € 23, has recently been somewhat derailed – and stands at just under € 6.

New Day of Truth is now the 18th of June. Then the annual report should appear – this time really.

More on the subject: System catering has earned a good reputation over the years. The crisis at Vapiano shows that the image of the growth market is fragile.

With agency material.

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