Over-indebted restaurant chain: Coa is not save

From the restaurant chain Coa for 15 years after the founding, only two branches left. All of the prospects to save the over-indebted company, would smash with

Over-indebted restaurant chain: Coa is not save

From the restaurant chain Coa for 15 years after the founding, only two branches left. All of the prospects to save the over-indebted company, would smash with the Corona-closure, says Coa Executive Director Olaf Seidel. He leads the company since last summer and can accompany since then, only the demise of a much-publicized founder of history. In October 2019, he applied for insolvency proceedings in self-direction. At this time, the company. of 17 branches in the whole of Germany, Catering contracts, a total of 357 employees, and more than ten million euros of debt

Inga Janović

business editor of the Rhein-Main-Zeitung.

F. A. Z.

However, Seidel was convinced that the chain, characterised by its richly decorated Restaurants and a map with the Best from the Asian cuisine, will succeed with a smaller branch network of a new beginning. "We had also found an Investor, but the Takeover fell apart with the beginning of the Corona-crisis", reports the managing Director. And so three of the last five Coa remained closed-shops, after the end of the lock downs are the same.

it is Now well established that the Local in Cologne and Stuttgart, to be taken over by the restaurant chain Peter Pane, and that the two local stores will remain in the shopping center MyZeil in Frankfurt and Main-Taunus-Zentrum in Sulzbach under the brand name of the Coa. To do this, Seidel, will set up a new company, the Coa Holding GmbH will be handled in the course of a regular insolvency. The Frankfurt branch is something outside of the process, it has been in use for a long time as a Franchise company from the Coa, the founder of Constantin von bee-master.

He had brought the restaurant concept of the "Cuisine of Asia", in short, Coa, with his brother in 2005, successfully to the market. Sales grew according to the company, on up to 15 million euros in the year. In 2015, the company named a Co-Investor of a rose, the brothers withdrew from the business. In the following years, the number of stores grew, the individual Local have been getting bigger and bigger. The qualitative approach is, meanwhile, have been watered down, critics complain. Nonetheless, jumped in the year 2018, approximately 700 private donors to a Crowdfunding campaign of the company, against the promise of 7.5 percent interest, you invested a total of 1.5 million euros. This money was granted as a subordinated loan, is lost with high probability.

Updated Date: 12 June 2020, 22:19

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