Vapiano sells 30 restaurants in germany

Vapiano sells 30 restaurants in germany

"The creditors’ committee today approved the sale of the substantial part of the business of vapiano se and its subsidiaries in germany," the company announced.

The buyer is therefore a consortium led by former vapiano board member mario c. Bauer. The purchase price totals 15 million euros and the transaction includes 30 vapiano-operated restaurants in germany, the statement added. The remaining parts of the company are still to be "utilized" in the future, he said.

At the beginning of april, vapiano se had filed an application with the cologne district court to open insolvency proceedings on the grounds of insolvency. The procedure is effective as of 1 january 2009. June had been opened, the statement now said. The effects of the corona crisis were too much for the company, which was already in the red.

The consortium had already submitted an irrevocable bid for the france business two weeks ago, it was further reported on tuesday. The purchase price for this business had now been increased by 3 million euros to 25 million euros. "The acceptance of the offer is expected to take place in the next few days."

At the end of april, vapiano had put the business up for sale. Both a sale of the entire global business of the vapiano group and only individual restaurant portfolios and assets were considered. Negotiations with interested investors should therefore take place by the end of may 2020.

In total, more than 2,500 people are employed by vapiano se and its operating subsidiaries in germany, which are also subject to preliminary insolvency proceedings. The vapiano subsidiaries in france and luxembourg are not in insolvency proceedings.