Half of the AS Adventure outdoor leisure store chain is now owned by a group of twelve banks, including ING. In return, they leave 85 million euros in debt, reporting from our partners Time Friday, citing the decision of an Amsterdam court. In a press release, the brand confirms to be “Secure your future” Through debt restructuring and capital growth. Negotiations for restructuring its debt with AS creditors had been underway since the AS adventure, with the store chain, debt-ridden, hit hard by the coronovirus crisis. Even before this, she was already in red.
Following the rescheduling of the loan, the French investment fund loses control of the PAI brand, while banks enter the game. He now has half of the group in his hands.
In a press release, the company says it wants to ensure its future through this debt restructuring and capital growth.
“nothing will change”
“Various shareholders thus reaffirm their complete confidence in the company. Even in the extraordinary year 2020, retail brands within the AS Adventure Group have proved profitable (among others, AS Adventure and Jattu in Belgium and in the Netherlands Bever). The decline occurred due to the Lockden period, which resulted in the closure of non-essential stores but good online performance and a very loyal customer base proving the strength and reliability of various store concepts. “, Supports the group.
He stated that the financial process was designed to pursue international development and was done in full agreement with existing shareholders and lenders.
“This process gives the international group additional strength to help them cope with the Kovid crisis but also to develop a planned development strategy in all countries. Operational, nothing will change.”Assured Chris Horevorst, CFO of Ash Adventure Group.
The brand has around 200 stores, spread across Belgium, France, Luxembourg, the Netherlands and the United Kingdom.