Following Smallable being placed into receivership back in May of this year they continue to look for investment.
It seems the judicial administrators have received 3 known offers to date before the imposed deadline in June 2024.
Many of us in the industry have heard rumours of Smallable’s struggles in the last couple of years. An aggressive growth strategy whilst the market contracted was always going to prove a risky approach. 2022/23 Financial year saw a loss of 5 million euros for Smallable.
Despite the significant loss Smallable feels that by putting a continuation plan into place with tighter controls of costs, increased margins and the right investor(s) they will be able to reduce their deficit and return to profitability.
So who has put their name into the hat to help save this celebrated reference of the concept store:
- RamInvest is a family real estate company created in 2014,
- AA Investments is a Hong Kong company which markets consumer products,
- Vertbaudet,(CVG). Lifestyle, consumer store.
Of the 3 Vertbaudet is the most well known in the sector, created in 1963 Vertbaudet recently took over Bonton, and has over 78 exclusive stores and 3.5 million customers. Meanwhile Raminvest have experience of taking over a company in trouble having taken over the licence of Lee Cooper, France in 2010 whilst it was struggling. AA investments on the other hand is based in Hong Kong involved principally in the beauty sector and consumer products.
All 3 have offered different configurations of investment, and so it remains to be seen what will be the final decision. This may depend on revised offers ahead of the hearing giving more details on certain aspects of their proposals such as the number of employees they plan to retain.
Hopefully a clear plan and confirmation of investment will be finalised by the end of July.
