Insolvency proceedings begin for 7 Fintyre Group companies in Germany
Insolvency proceedings begin for 7 Fintyre Group companies in Germany
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Search for Fintyre investor begins as employees receive insolvency benefits
It’s still early days for Fintyre’s insolvency proceedings in Germany, but some progress has been made. The insolvency administrator appointed to the preliminary insolvency proceedings for 16 Fintyre Group companies reports the appointment of a committee of creditors. This committee will work with a “leading international transaction consultant” to find a new investor for Fintyre. At the same time, some of the Fintyre employees who weren’t paid salaries or wages for January have now received insolvency benefit payments.
Fintyre Group employee pay ‘coming’, restarting business operations a priority
All 16 companies in the German Fintyre Group have now applied to open insolvency proceedings. But what lies ahead for the 1300-plus employees awaiting wages and salaries, the affected companies’ creditors, and the companies themselves? Sebastian Brunner, spokesman for Miguel Grosser, the provisional insolvency administrator at law firm Jaffé, told our sister website in Germany, Reifenpresse.de, that approximately 200 Reifen Krieg employees will receive their outstanding January wages and salaries in the coming days. Business at the group’s wholesalers and retailers is largely at a standstill, though the office of the provisional insolvency administrator has some more positive news on this too.
Anger amongst Fintyre Group’s workforce in Germany: “They’re dealing with people, not numbers”
They are resigned, angry and desperate. But above all, they’re disappointed. Disappointed that they weren’t informed about the bankruptcy by their employer Fintyre, but by the media. Our sister publication in Germany, Neue Reifenzeitung, has spoken with staff at TyreXpert outlets in the north of the country to gain an insight into the mood of the workforce.
Fintyre appoints Saccani MD of RS Exclusiv, TyreXpert
European Fintyre Distribution (EfTD) has appointed Francesco Saccani as its new managing director of RS Exclusiv and TyreXpert. He will report directly to Claudio Passerini, CEO of EfTD Germany, and will be responsible for leading the development and growth of the companies in northern Germany. EfTD added that the companies would seek to “enhance synergies” with the rest of the group.
EfTD: Turnover grows 46% to €1.1 billion
Tyre wholesaler European FinTyre Distribution (EfTD), a Bain Capital company, reports a turnover of 1.1 billion euros for the 2018 financial year, a 46 per cent year-on-year increase. EBITDA reportedly rose 83 per cent year-on-year. This positive net cash flow helped finance its acquisition of RS Exclusiv, which was completed in May 2019 and increased the group’s turnover to approximately 1.2 billion euros. According to chief executive officer Mauro Pessi, the company anticipates a turnover of 1.3 billion euros this year.
FinTyre completes Rs Exclusivreifengrosshandel and Tyrexpert Reifen + Autoservice acquisition
Following the announcement made on 28 December 2018, on 10 May 2019, European FinTyre Distribution (EfTD) announced that it has completed the acquisition of 100 per cent of German tyre firms Rs ExclusivReifengrosshandel GmbH and Tyrexpert Reifen+Autoservice GmbH.
