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FNG, owner of Scandinavian online fashion store Ellos, made a loss of 77 million euros last year. Meanwhile, the management is working on a rescue plan, which will be presented later this year.
Loan
The Belgian fashion group booked a turnover of 303 million euros in 2020. That revenue comes entirely from Ellos, the Scandinavian fashion webstore that was acquired from Nordic Capital at the end of 2019.
The financial statements also show that FNG had to swallow a net loss of 77 million euros. The loss is mainly due to loans and provisions, writes business newspaper De Tijd. The fashion group paid back a loan of 20 million euros to BNP Paribas Fortis. Because of the corona crisis, FNG was in acute need of money.
Settlement
In addition, the company made a 40 million euros provision to meet its obligations to Nordic Capital. The Belgian company promised the fund and the Ellos board 100 million euros in a settlement agreement. The former Ellos owners have not yet received the full purchase price. The transaction was partly in FNG shares, which have become virtually worthless since the fashion group collapsed.
Behind the scenes, FNG is now working on a structural solution. It is possible that Ellos will be partially sold. Another possibility is an IPO. That operation must generate the necessary funds to pay Nordic Capital. It is expected that FNG will present a rescue plan this autumn.
