Banks want FNG to sell the last online store

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The banks that lost 260 million euros to FNG want the fashion group to sell its latest activity – the Swedish web store Ellos.

There is a chance that FNG will soon be an empty box. The banks demand that FNG sell Ellos, the newspaper De Standaard reports. They want to claim the money from the sale. The banks BNP Paribas Fortis, ING, Belfius and ABN AMRO together lost 260 million euros in the bankruptcy of FNG. Money that they lent the fashion company of the entrepreneurs Dieter Penninckx, Anja Maes and Manu Bracke over the past decade to pay for their acquisition strategy.

In concrete terms, the banks have started the execution of a guarantee of 20 million euros. They lent that money to FNG this spring, when the company ran into acute difficulties.

Good price

The banks are counting on Ellos to deliver a good price. Ellos – which is only active online – has been growing at a steady pace for years and is also growing in corona times, when people buy more online. The turnover is expected to reach 300 million euros this year. That is 15 percent more than last year. Gross operating profit is expected to be EUR 30 million.

300 million

turnover Ellos

Ellos is expected to achieve a turnover of 300 million euros this year.

According to De Standaard, competitors of Ellos and investment funds are interested in the webshop. This also includes Nordic Capital, which was the owner of Ellos until the summer of 2019. The investors sold Ellos to Penninckx and co., Who partly paid the Scandinavia with FNG shares.

If it is up to the banks, Ellos will earn them more than 20 million euros. They don’t want FNG shareholders to get anything. The banks have already submitted a claim for damages to FNG.





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