The Emma Capital group of businessman Jiří Šmejc is experiencing an unpleasant premiere. The German supplier of custom-made kitchens Küchenquelle, in which the Czech group holds 46 percent, fell into insolvency proceedings due to financial difficulties. Emma Capital, which is one of the largest investment groups in the Czech Republic, has sunk at least tens of millions of euros into the company. The group’s spokesperson, Pavel Zuna, confirmed the information to the E15 newspaper. The holding has so far avoided the insolvency of invested companies.
The Czech company issued a short comment on the insolvency proceedings on its website, stating that Küchenquelle was facing economic difficulties related to the macroeconomic situation and the drop in demand in the segment in which it operates.
“Emma Capital advocated that the company’s liabilities should be paid and was prepared to subscribe to them in an amount corresponding to its share. However, the other shareholders did not prefer such a procedure,” said the company, which was the largest shareholder of the German company.